Polygon (MATIC) Could See 13% Temporary Surge – Price Prediction

  • Polygon price highlights bullish strength despite being jammed between 50-day and 100-day Simple Moving Averages.
  • Market players might expect a 13% temporary leg-up to $2.43, the level where MATIC will encounter a decisive period.
  • Nevertheless, a 6hr candle close beneath the 100-day Simple Moving Average at $1.19 will ruin the bullish thesis.

Polygon (MATIC) price wavers in a constricted spot following the late December 2021 upswings. Though the alternative coin might see an upsurge, bulls will encounter a massive resistance zone that might stop MATIC’s additional moves.

Polygon Ready for Brief Comeback

Polygon price formed a higher high of $2.93 on 27 December 2021. That also happened to be the alt’s ATH. However, the upswing could not sustain, translating to a sharp retracement that breached the demand area, extending between $2.43 and $2.63, flipping the level to a breaker.

Polygon has dropped 27% to its current level of $2.12 since touching its ATH, stuck inside the 50-day SMA of $2.19 and 100-day Simple Moving Average at $1.19. The alt rebounded from the weekly barrier at $1.94 and headed to a 50-day Simple Moving Average, which might turn into a 10% surge towards $2.35. Beyond that, MATIC may retest the breaker that stretches between $2.43 and $2.63, completing a 31% ascent.

Market participants need to beware that MATIC might meet rejection at the mentioned barrier. That way, the altcoin could retest the 50-d Simple Moving Average at $2.19 before presenting a directional bias.

The GIOM model backs the near-term surge to $2.42 for Polygon price as it indicates zero resistance level up to the value area of $2.48. The only substantial underwater investors cluster extends between $2.82 and $2.21. Here, around 55,519 addresses that bought 451.85 million MATIC coins at $2.49 average price are out of money.

Therefore, an action into this region might see the underwater investors breaking even, leading to a surge in selling momentum, explaining the breaker rejection highlighted above. Nevertheless, market players seem not interested in MATIC at current price levels as the network growth has plunged to 3,535 from 4,693, showing a net fall. That can mean hassles for MATIC’s upside journey.

Editorial credit: FellowNeko / shutterstock.com

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