Polygon’s MATIC coin is dealing with pressure from available supply, yet analysts maintain a positive outlook for its future despite challenges in the overall market.
The forecast for Polygon’s MATIC price indicates challenges as it faces pressure around the important $0.8300 level. In the past week, the coin’s value has dropped by 14%, mainly due to bearish forces pushing it down. The current declining price raises concerns about a potential breakdown below the lower support trendline of a rising wedge pattern, posing a risk of further correction for MATIC.
Source, Tradingview
Polygon (MATIC) Price Analysis: Tug of War Between Bulls and Bears
Over the recent days, Polygon’s price has been fluctuating within the $0.800 to $0.900 range, reflecting conflicting sentiments from both bearish and bullish forces. This ongoing struggle has led to a narrow trading range, stabilizing prices in both upward and downward directions. Currently, MATIC is positioned at $0.8336, indicating a potential short-term bearish trend.
Despite experiencing a dip of more than 2.5% in the past 48 hours, MATIC has demonstrated overall recovery since its recent low, portraying a positive outlook for the future. The battle between bulls and bears continues to influence the coin’s price movements, creating an environment of uncertainty in the short term.
Polygon (MATIC) Price Outlook: Potential Upside by January 2024
Crypto analyst Ali is optimistic about Polygon (MATIC), Ethereum’s Layer-2 scalability solution, potentially reaching the $0.96 level by the end of January 2024. Ali suggests that a surge in buying pressure around the current levels could propel MATIC towards $0.88 and even as high as $0.96.
#Polygon | The TD Sequential presents a buy signal on $MATIC 4-hour chart.
A spike in buying pressure around the current levels could see #MATIC rebound, potentially toward $0.88, and even as high as $0.96. pic.twitter.com/lj96zgPh7k
— Ali (@ali_charts) January 6, 2024
Despite experiencing a slight 0.35% decline over the past month, Polygon (MATIC) is attracting renewed interest, mainly attributed to its transition to Polygon 2.0. The ongoing developments and advancements within the Polygon ecosystem contribute to the positive sentiment surrounding MATIC’s future price potential.
Polygon (MATIC) Price Analysis: Potential Scenarios and Technical Signals
The future of MATIC’s price hinges on its ability to maintain support above the crucial $0.0800 level. If this support holds, there is potential for momentum to build, potentially leading to a test of resistance at $0.9600. Sustaining this level could open the door for further gains, potentially reaching the $0.1000 mark in the foreseeable future. However, should bearish trends persist, MATIC’s price might breach its current support, moving towards a lower level at $0.0700.
MATIC/USD daily price chart, Source: Tradingview
Analyzing technical indicators over the past 24 hours reveals potential for a bullish run. Most moving averages and oscillators are giving buying signals. The MACD shows a bearish momentum as the blue MACD line crosses over the red signal line. The Relative Strength Index (RSI) stands at a neutral level of 44.17, indicating market equilibrium. Converging Bollinger bands suggest a heightened possibility of increased volatility in the coming days, adding an element of uncertainty to MATIC’s future price movements.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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