- Polygon’s native cryptocurrency’s price is trading over the significant moving average, which showcases the bullish trend.
- The RSI is at 57 and heading toward the overbought zone, indicating bullish momentum.
The technical chart reveals that the Polygon (MATIC) price has witnessed bullish momentum since October, but the trend was interrupted near the $1 mark. MATIC crypto’s price has been in a consolidation phase since mid-November. It has been consolidating in a parallel channel and continuously attempting to sustain the $1 level, but sellers are managing to melt the price down.
Current Price – $0.850 Fear & Greed Index – 79 (Extreme Greed)
Market cap – $8.18 billion Price Prediction – $0.787 (-7.11%)
Volume – $337.04 million Green Days – 15/30 (50%)
Sentiment – Bullish 200-day EMA – $0.780
Volatility – 4.83% RSI – 55.79
According to our current Polygon price prediction, the price can drop by -7.11% and reach $0.787 by February 18, 2024. The assessment of technical indicators reveals that the current sentiment is Bullish, while the Fear & Greed Index is showing 79 (Extreme Greed). Polygon recorded 15/30 (50%) green days with 4.83% price volatility over the last 30 days.
The MATIC Price Has Been Consolidating in a Parallel Channel
At the time of writing, the Polygon price is trading at $0.850, with a loss of 3.47% in the past 24 hours. The market capitalization is $8.18 billion, and MATIC ranks 14th according to the market cap. The fully diluted market cap is $8.47 billion.
The 24-hour trading volume of the cryptocurrency is $337.04 million, with a loss of 10%. The circulating supply of Polygon is 9,610,738,315 MATIC, and the total & maximum supply is 10,000,000,000 MATIC.
As per the chart structure, the Polygon price has been struggling in a parallel channel. It recently took support on the 200-day moving average and has risen by 13% in a week.
If the buyers lift the price to the strong resistance level of $0.95 and sustain it for a few days, the next move can come out as a genuine breakout. If the price forms a bearish candlestick, it may melt to the support level of $0.70 in the next few weeks.
Suppose the chart structure attracts investors and manages to give a breakout from the channel; it may easily approach the $1 mark. If it surpasses the $1 level, buying pressure and long-term bullish momentum may occur.
Polygon Price Forecast FAQs
What is the MATIC price prediction today?
The Polygon (MATIC) price is predicted to drop 2.18% to reach $0.858 by today.
What is the Polygon price prediction tomorrow?
The MATIC price is forecasted to decline 3.42% to reach $0.815 by tomorrow.
What is the MATIC price forecast for this week?
The Polygon price is forecasted to perform negatively. It may decline to $0.750 by this week.
What is the current MATIC price sentiment?
The current Polygon price sentiment is bullish according to the technical analysis.
Conclusion
Based on the current technical analysis and market trends, the Polygon (MATIC) price is expected to face some short-term selling pressure and may decline to $0.750 by the end of this week. However, if the buyers lift the price to the strong resistance level of $0.95 and sustain it, a genuine breakout can be expected.
Technical Levels
Resistance: $0.95 & $1.06
Support: $0.70 & $60
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.