Polygon’s Bullish Trend Continues to Gain Momentum
Polygon’s native token, MATIC, is experiencing significant growth at the beginning of 2024. After a strong performance in the previous year, MATIC continues to attract attention from investors and analysts, suggesting the potential for further price increases.
MATIC started the year with a 2.04% increase on New Year’s Eve, positioning itself in a bullish sentiment. This upward trend is part of a larger pattern that has seen the cryptocurrency gain nearly 17% in the past week alone. Currently, the Polygon token is trading at $1.02 with a 24-hour surge of 5.38 percent higher.
Analysts’ Optimistic Predictions for MATIC
In a recent Twitter update, crypto analyst “Altcoin Sherpa” expressed a bullish prediction for MATIC’s future price. Altcoin Sherpa believes that MATIC could potentially reach a price target of $1.20 in the medium term. This sentiment aligns with other predictions in the crypto community, which suggest that MATIC may reach the $2 milestone this year.
Another analyst, Ali Martinez, also shared insights on Twitter, presenting a slightly more optimistic short-term view. Martinez believes that MATIC is poised to climb to $1.25 in the near future. Additionally, Martinez predicts a long-term target of $1.82 based on technical analysis and the breakout of a symmetrical triangle pattern on the MATIC chart.
Momentum Building in MATIC’s Market
In the recent 4-hour chart, there has been a consolidated effort by buyers around $0.9886, leading to significant momentum buildup for MATIC. The price has breached the crucial $1.00 mark and reached an intraday high of $1.03. Although the price returned to the supply zone at $1.00, the trading pattern suggests that the market is on the verge of establishing a more defined uptrend.
Over the past 24 hours, bulls have gained additional momentum to overcome minor resistance at $1.03. The price is currently above all moving averages and shows positive indicators such as MACD and RSI, indicating a neutral to bullish stance.
Polygon Price Prediction
The bulls in the MATIC market are aiming to surpass the $1.50 threshold, with the Ichimoku baseline analysis leaning from neutral to bullish. However, if momentum weakens, MATIC could retrace to its main support at the SMA 100 level of $0.88. On the other hand, immediate resistance is identified at the Hull Moving Average 9 ($1.099), suggesting a possible revisit of the intraday high.
Hot Take: Polygon’s MATIC Shows Promising Growth Potential
Polygon’s native token, MATIC, has been on a notable bullish trend at the start of 2024. Analysts are optimistic about its future price, with predictions ranging from $1.20 to $2 in the medium term. The recent surge in momentum and positive technical indicators indicate a potential for further price increases for MATIC in the near future.
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