Can MATIC Rebound to $0.88?

Polygon’s MATIC price faces supply pressure while analysts stay optimistic about its future amidst market challenges.

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Polygon price prediction: MATIC price is encountering supply pressure around the psychologically significant $0.8300 mark. Over the past week, the coin’s market value has dipped by 14%, with bears exerting downward pressure. The current falling price suggests the possibility of a breakdown below the lower support trendline of a rising wedge pattern, putting MATIC at risk of further correction.

The past few days have seen the Polygon price oscillating between $0.800 and $0.900, as conflicting bearish and bullish sentiments play out. This tug of war has resulted in a narrow trading range, with prices stabilizing both upward and downward. Presently, MATIC is hovering at $0.8336, indicating a potential short-term bearish trend. Despite a recent dip of over 2.5% in the last 48 hours, MATIC has shown overall recovery since its recent low, suggesting a positive outlook for the future.

Analysts’ Positive Outlook on Polygon’s MATIC

Renowned crypto analyst Ali expresses optimism that Polygon (MATIC), the Ethereum Layer-2 scalability solution, may revisit the $0.96 level by the end of January 2024. A surge in buying pressure around current levels could potentially propel MATIC toward $0.88 and even as high as $0.96. Despite a 0.35% decline over the past month, Polygon (MATIC) is garnering renewed interest, primarily due to its transition to Polygon 2.0.

#Polygon | The TD Sequential presents a buy signal on $MATIC 4-hour chart.
A spike in buying pressure around the current levels could see #MATIC rebound, potentially toward $0.88, and even as high as $0.96. pic.twitter.com/lj96zgPh7k
— Ali (@ali_charts) January 6, 2024

Technical Indicators and Trends for Polygon’s MATIC

If the price of MATIC remains above the $0.0800 support level, there’s potential for momentum to build, possibly leading to a test of resistance at $0.9600. Maintaining this level could pave the way for further gains up to the $0.1000 mark in the foreseeable future. However, in the event that bearish trends persist, MATIC’s price may breach its current support level and move towards a lower support level of $0.0700.

Technical indicators over the past 24 hours signal the potential for a bull run, with most moving averages and oscillators providing buying signals. The MACD indicates a bearish momentum as the blue MACD line crosses over the red signal line. The Relative Strength Index (RSI) stands at a neutral level of 44.17, indicating market equilibrium. Converging Bollinger bands suggest a heightened possibility of increased volatility in the days ahead.