MATIC Price Prediction: Polygon has a clear path to $0.54, suggests on-chain metrics


  • MATIC price had a breakout from a symmetrical triangle pattern on the 12-hour chart.
  • The digital asset targets $0.54, which is the previous all-time high established on March 11.
  • Whales continue to steadily accumulate MATIC despite rising prices. 

MATIC has experienced a significant rally over the past two days, and although most on-chain metrics suggest the digital asset is poised for further gains, there is one key indicator that shows Polygon might need to see a correction first. 

MATIC price targets previous all-time high

On the 12-hour chart, MATIC formed a symmetrical triangle pattern drawn by connecting the lower highs and higher lows with two trendlines that converge. On April 13, the digital asset broke out of the pattern and touched $0.449. 

matic price

MATIC/USD 12-hour chart

This breakout's long-term price target is $0.54, calculated using the height from the beginning of the upper trendline to the beginning of the lower one. 

matic price

MATIC IOMAP chart

The In/Out of the Money Around Price (IOMAP) model shows only one significant resistance area between $0.409 and $0.418, where 2,130 addresses purchased 113 million MATIC. Climbing above this range should quickly push Polygon to the price target above as there are no other clear resistance levels ahead. 

matic price

MATIC Holders Distribution

Additionally, the number of whales holding 10,000,000 MATIC or more continues to increase, and it is up by six in the past ten days. Since the beginning of 2021, MATIC has gained 40 new whales, which indicates the interest in the digital asset is exceptionally high, and large investors are not taking profits just yet as they expect even higher prices. 

matic price

MATIC/USD 4-hour chart

However, on the 4-hour chart, the TD Sequential indicator has just presented a sell signal, which has proven to be reliable in the past. The most significant support level is located at $0.367, where the 50 and 100 four-hour SMAs are currently established. This level coincides with the strongest support point indicated by the IOMAP model, where 6,000 addresses purchased over 576,000 MATIC. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP Price Forecast: Ripple bulls charge ahead, $2 incoming

XRP price shows a solid bullish bias that has led to a 25% spike over the last 24 hours. Ripple retraces 7% as bulls take a breather after facing rejection at $1.76. A 20% upswing will push the remittance token to new yearly highs at $2.

More Ripple News

Ethereum Classic looks primed to retrace following 260% rally

Ethereum Classic price displays a lack of bullish momentum as it consolidates below $96.94. A 15% pullback to the immediate demand zone that ranges from $72.23 to $79.37 seems likely. ETC will face a make-or-break point around this support barrier.

More Ethereum Classic News

Chiliz anticipates 50% gains

Chiliz price recently bounced off a critical support level at $0.473 and eyes a 50% upswing. CHZ needs to slice through a significant supply zone that extends from $0.593 to $0.657 to seal its bullish fate. A breakdown of the $0.430 support level will signify the start of a new downtrend.

More Chiliz News

Ethereum consolidates, but on-chain indicators predict another blastoff soon

Ethereum price is tightly wound as its range-bound movement continues after setting up an all-time high on May 5. ETH might retest its swing low before surging higher and potentially rallying to new highs.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP