|

MATIC Price Prediction: These signals are key to catching Polygon’s 20% rally

  • MATIC price has been indecisive for the last week as it consolidates around the range low at $0.758.
  • A resurgence of buyers followed by a successful flip of $0.758 could result in a 20% run-up to $0.906.
  • A daily candlestick close below $0.722 will create a lower low and invalidate the bullish thesis for Polygon.

MATIC price continues to consolidate around the range low for more than a week and shows no signs of breaking out. Investors should pay close attention and anticipate the bullish resurgence, which could trigger an explosive move.

MATIC price ready to make some noise

MATIC price crashed 26% between September 13 and September 21 and slipped below the range low at $0.758. Since then, Polygon bulls and bears have been in a fight to take control. So far, there are no discernable signs of an explosive move.

If buyers step up and push MATIC price higher to successfully flip the range low at $0.758 into a support level, it will be the first bullish signal. 

The second sign that investors need to pay close attention to is for Polygon bulls to produce a higher high above the recent swing high at $0.784. These developments will indicate a willingness from the buyers’ camp and could be the key to triggering a 20% run-up to the range’s midpoint at $0.906.

Although unlikely, investors should watch for an extension of this move to the range high at $1.05, especially if the market conditions are right. This move by MATIC price would constitute a 40% gain and is likely where the upside is capped for Polygon in the short term.

MATIC/USDT 1-day chart

MATIC/USDT 1-day chart

On the other hand, if MATIC price fails to move past the range low at $0.758, the consolidation might continue until Bitcoin price comes to the rescue. If MATIC price produces a daily candlestick close below the $0.722 support level, it will create a lower low and invalidate the bullish thesis for Polygon. In such a case, the altcoin could crash 10% to retest the $0.647 support level. 

Note:

The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence MATIC price.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations
Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets
Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach
Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.