MATIC, the native cryptocurrency of Layer 2 solution polygon has managed to regain the $1 psychological level amid the current market recovery. Within a week, the coin price surged from $0.92 to $1.067 registering a growth of 16.68%. With the bullish momentum intact, the polygon price is nearing a bullish breakout from the key resistance of $1.09. Should you enter this breakout?
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Is Polygon Price Ready To Sustain Above $1
The Polygon coin reverted from its last correction trend in late January when the price rebounded from the $0.71 support. A V-shaped recovery backed by increasing volume projected sustainable growth and surged price by 46% to trade at $1.
In the same period, Polygon Futures Open Interest witnessed a significant increase of 117%, escalating from $202.1 million to $438.68 million. Growth in this metric highlights increasing adoption of the network and interest for market participants toward the asset.
This fundamental growth coinciding with the broader market recovery sets the MATIC price for higher recovery. An analysis of the daily chart shows a symmetrical triangle pattern that carries a sideways trend in this altcoin for nearly two years.
Under the influence of this pattern, the Polygon price should lead the current recovery to the overhead resistance trendline, indicating a growth potential of 25%.
However, a breakout above the triangle pattern will signal a better confirmation of recovery.
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Whale Moves $13.6M in MATIC to Binance, Will its Impact Recovery?
Whale Alert, a cryptocurrency transaction tracking service, reported a significant transfer of 13,094,113 MATIC, valued at approximately $13.6 Million, from an unidentified wallet to Binance. This notable transaction could impact MATIC’s market dynamics, as large movements to exchanges often precede selling pressure or strategic positioning by major holders.
13,094,113 #MATIC (13,691,692 USD) transferred from unknown wallet to #Binancehttps://t.co/iMv85xMTGe
— Whale Alert (@whale_alert) February 27, 2024
Thus, if the supply pressure persists at the overhead trendline, the polygon coins could prolong the sideways trend.
- Exponential Moving Average: The fast-moving 20-day EMA will offer trades at suitable support to maintain the recovery trend.
- Vortex Indicator: A bullish crossover between the VI+ and VI- hints the buyers are the dominant force in this asset.
The post Here’s Why Polygon Price (MATIC) Is Poised For 25% Surge Ahead appeared first on CoinGape.
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