The post Polygon (MATIC) Poised for Rebound After Hitting Support Levels: Where’s it Heading? appeared on BitcoinEthereumNews.com.

TLDR Polygon (MATIC) has hit a two-year low of $0.34-$0.38, with 97% of holders at a loss. Some analysts predict a potential surge for MATIC, with price targets ranging from $1 to $9.75. MATIC needs to close above $0.30 this week to potentially begin a bullish trend. Technical indicators like MACD and CMF hint at a possible price increase for MATIC. Polygon’s open interest has decreased to $104.46 million, a level last seen in June 2022. Polygon’s native token MATIC has recently touched a significant support level, trading between $0.34 and $0.38. While this represents a two-year low, many analysts view it as a potential springboard for future growth. Currently trading at $0.4215, MATIC holds the 21st spot among cryptocurrencies by market capitalization. Several crypto experts are expressing optimism about MATIC’s future trajectory. Analyst Cryptorphic predicts a possible 600% surge in MATIC’s value if it maintains its current support level. This bullish outlook is echoed by Javon Marks, who projects that MATIC could reach new all-time highs above $3, representing an increase of over 558%. If altcoin season kicks off, #Polygon $MATIC will melt faces! But don’t go ape yet, as a weekly close below $0.30 would invalidate the bullish thesis. pic.twitter.com/bf98oGQsuS — Ali (@ali_charts) August 13, 2024 Alex Clay, another respected voice in the crypto space, describes the current market conditions as a “generational bottom” for MATIC. Clay points out that the token is undergoing a lengthy accumulation phase, having spent 1,218 days in a symmetrical triangle pattern. Based on his analysis, Clay outlines ambitious price targets of $4.50, $7.10, and even $9.75. Technical indicators are providing encouraging signals for MATIC’s potential upward movement. The MACD (Moving Average Convergence Divergence) displays a bullish crossover, often seen as a positive sign by traders. Additionally, the Chaikin Money Flow (CMF) has…

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Filed under: News - @ August 14, 2024 5:26 pm