Polygon Eyes $1.20 As Bullish Momentum Builds

Polygon is witnessing a notable bullish trend as its native token, MATIC, shows promising growth at the onset of 2024. Following an impressive end to the previous year, MATIC’s performance continues to capture the attention of investors and analysts alike, hinting at a potential for further price increases.

The year began with MATIC recording a 2.04% increase on New Year’s Eve, positioning itself in bullish sentiment. This rise is part of a broader trend that saw the cryptocurrency gain nearly 17% in the past week alone. At the time of reporting, the Polygon token is trading at $1.02 with a 24-hour robust surge of 5.38 percent higher. 

Analysts’ Optimism for Polygon

In a recent Twitter update, a crypto analysis realm, “Altcoin Sherpa,” expressed a bullish prediction on MATIC’s future price. Altcoin Sherpa anticipates MATIC to potentially reach a price target of $1.20 in the medium term. This prediction echoes a broader sentiment in the crypto community, seeing MATIC possibly hit the $2 milestone this year.

$MATIC has noticeably lagged but I think it should go to $1.20 in the short/mid term here. Still looks pretty strong and should be a decent one to trade now. Uncertain if this outperforms other narratives/ L1 type of coins in 2024 though. Treat this more as a trade vs.… https://t.co/aoqV4405iE pic.twitter.com/PpqLck1mqo

— Altcoin Sherpa (@AltcoinSherpa) January 1, 2024

Ali Martinez, another crypto analyst shared his insights on Twitter the same day, presenting a slightly optimistic short-term view. According to Ali Martinez, MATIC is poised to climb to $1.25 in the near future. MATIC price has been trending upwards after rising to a daily high of $1.03. With low volatility, Polygon’s price has been trading in a narrow range of $0.9757 to $1.05.

#Polygon is at the cusp of breaking out from a significant symmetrical triangle. Be patient! Let the pattern fully develop, as the initial target for $MATIC is set at $1.25, followed by a potential move towards $1.82! pic.twitter.com/F9eHkZe5q3

— Ali (@ali_charts) January 1, 2024

His long-term forecast is more optimistic, with a target of $1.82. Martinez’s predictions are grounded in technical analysis, specifically breaking a symmetrical triangle pattern on the MATIC chart, which has been forming for several months. MATIC, the native asset of the Polygon PoS chain, ended 2023 with only a 28% price gain, compared to other cryptocurrencies that doubled their prices.

Momentum Building in MATIC’s Market

In the recent 4-hour chart, MATIC’s buyers have shown a consolidated effort around $0.9886. This has led to a significant momentum buildup, breaching the crucial $1.00 mark and achieving an intraday high of $1.03. Despite this surge, the price returned to the supply zone at $1.00, where MATIC/USD formed several double bottoms. The trading pattern has remained tight, fluctuating between $0.9757 and $1.03. These minimal changes suggest the market is on the cusp of establishing a more defined uptrend.

The last 24 hours have been pivotal for MATIC, with bulls gaining additional momentum to overcome the minor resistance at $1.03. The price hovers above all moving averages, including a noteworthy rise above the EMA 10 ($0.9671) and SMA 10 ($0.9744) at the start of today’s trading session. The MACD shows a positive outlook at 12, 26, while the RSI at 31 and Stochastic%K at 75.77 maintain a neutral to bullish stance.

Polygon Price Prediction 

The bulls in the MATIC market are setting their sights on surpassing the $1.50 threshold. The Ichimoku baseline analysis (9,26,52,26) presents a market leaning from neutral to bullish. However, if the momentum wanes, MATIC could see a retraction to its main support at the SMA 100 level of $0.88.

Failing to hold this line might trigger a bearish target of $0.75, potentially leading to a downturn below $0.70. Conversely, the immediate resistance is identified at the Hull Moving Average 9 ($1.099). This sets the stage for MATIC to possibly revisit its intraday high, as technical indicators hint at a continued bullish trend.

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