Polygon initially skyrocketed to $1.28 before falling back to $0.87. Over the past week, it has gone down by almost 22%, just as its last month’s trend downwards too. However, MATIC is still on focus, thus raising hope of an upward move. At the time of writing, MATIC’s price is $0.878457, with a notable 24-hour trading volume of $623.26 million and a market capitalization of $7.03 billion. Polygon has experienced a decrease in price of 2.16% over the past 24 hours, indicating some downward pressure in the short term.
Moreover, drawing from the price dynamics observed in early 2023, cryptocurrency analysts anticipate an average MATIC rate of $0.9520 by April 2024. Projections suggest that the minimum and maximum prices could hover around $0.8704 and $0.9792, respectively. With an expected ROI of 7.3%, the May 2024 forecast for Polygon’s price awaits scrutiny.
Polygon (MATIC) Technical Analysis Hints Uptick
Polygon (MATIC) broke down the lower limit of its upward trend channel, which means that it is likely to take more time before it starts rising rapidly again over the medium term. This breaking implies that the momentum for Polygon’s upward trajectory is now declining, leading to a slower pace of price rise very soon. Nevertheless, some important price levels should be noted here: The support level is at $0.84, while the resistance level is at around $1.02 as well.
Additionally, an examination of trading volumes shows an interesting relationship between them; there are instances when peaks and troughs in volume coincide with highs and lows on Polygon prices. This concurrence indicates that alterations in trade activity might affect pricing trends, thereby making the aforementioned recent breakage of the trend channel less significant.
Based on this technical indicator, ZAYK Charts, a renowned crypto analyst, has pointed out MATIC’s symmetrical triangle breakout significance. This breakout pattern indicates that Polygon appears to have come out of a consolidation phase lately; subsequently, it is undergoing a retesting process.
The analyst also highlighted that during this retesting phase, there is usually a strong likelihood for notable upside moves, implying that Polygon could soon experience considerable upward movement in prices. The above analysis thus emphasizes why one should understand and predict digital currency costs based on technical patterns as well as market dynamics.
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