Altcoins

Polygon (Matic) Price Flips the Bears, Is $1 on the Cards?

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Highlights

    The Matic price rebounds well, gaining a strong tendency to smash the higher levels in the coming days

    Despite the flip from bearish divergence, the price trend requires more additional boost to smash the upper resistance levels above $0.4

Will Matic Price Consolidation end?

The Polygon or Matic price rally in the past couple of hours has broken the bearish trend and bounced back manifesting an uptrend. Since the massive surge close to the ATH levels at $0.5, the price lost track and plunged remarkably. Hence entered a consolidation phase since. 

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The consolidation phase, however, included more red candles than green, declining the price to some extent. However, the price remained strong above $0.3 levels and rejected the bears below these levels offering a dip price at $0.32.

 The consolidation phase went a little long for more than 10 days and it is very early to say, whether the phase is completed or no. As the price is still attempting very hard to hit the initial target set at $0.38.

Interesting Read: Why Is Polygon (Matic) Not on Grayscale’s Altcoin Trusts?

matic price target

Below mentioned are the target area for the Polygon price,

  • First Target Price :- $0.3846
  • Second Target Price :- $0.3997
  • Third Target Price :- $0.4175
  • Fourth Target Price :- $0.4222
  • Fifth Target Price :- $0.4850

Once the Matic Price rally successfully smashes the above targets, forming a new ATH above $0.508 will be an inch close. 

Considering the indicators, the RSI that trended within the normal ranges in between 40 and 80, visited the lower levels at 24.95 before a jump to 57.84. On the other hand, MACD, the MACD line and the signal line, both went hand-in-hand for more than a week. However, currently, diverting apart, the MACD line crossed the signal line to indicate a buy signal.

matic indicators

Collectively, the Polygon price rally is expected to sustain the current momentum to climb high towards the above-mentioned targets. Therefore, in order to attain the target levels above the current ATH, a huge influx of the trading volume is the need of the hour. And hence the Matic price rally may also smash the dream levels at $1 as believed by many.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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