Polygon is on track for a 145% rally by year-end
The post Polygon is on track for a 145% rally by year-end appeared on BitcoinEthereumNews.com.
Polygon is on track for a major rally, with potential gains of 145% by year-end. Despite short-term challenges, key support levels and bullish indicators suggest that this could be a strong investment opportunity. Support and resistance levels Polygon (MATIC) is currently trading above an important range, defined by two support levels: $0.33 and $0.50. The $0.33 level has demonstrated strong potential for upward moves in March-April 2021, June 2022, and August 2024. After hitting $0.33 in June 2022, MATIC rallied 311.44% in 140 days. The second key support level at $0.50 has also influenced MATIC’s price trajectory. For the past two years, the asset has oscillated within a channel bounded by $0.50 on the lower end and $1.29 on the upper end. The $0.50 level served as a strong foundation for upward moves. During the August-October 2022 period, MATIC consolidated around $0.50 before initiating a 161.92% surge over 184 days. Historically, MATIC’s upward moves from these levels have met resistance near $1.29. In the context of macroeconomic factors, particularly the anticipated September rate cuts and the seasonally weak performance of cryptocurrencies in September, MATIC may exhibit a period of consolidation around the $0.50 area before resuming its upward trajectory toward the $1.29 target by the end of the year. Although market conditions could potentially drive the price back to the $0.33 level, such a retracement would not undermine the fundamental bullish outlook. The zone between $0.33 and $0.50 represents a strategically advantageous entry point. Entering a long position within this range may yield superior returns compared to chasing the price at elevated levels during periods of heightened market activity in the future. Furthermore, other indicators also support the expectation of a continued upward trend. Stochastic RSI The Weekly Stochastic RSI signals a favorable entry point when it dips below 20.…
Filed under: News - @ August 23, 2024 7:22 pm