Polygon (MATIC) has recently had a wild ride in terms of its valuation. Initially rising to a peak of $1.28, investors were hopeful about it soaring still further. However, this hope was dashed away by a sudden correction that saw MATIC backtracking to $0.91, indicating that its value had gone down considerably.
Despite this decline, Polygon’s resilience was quickly evident as it gained momentum again after the worst had passed, confirming its ability to rebound from unfavorable market conditions. Nonetheless, even with this comeback, MATIC still experienced a huge 21% dip in value over just one week, demonstrating how unpredictable and shaky cryptocurrencies could be.
MATIC Short-Term Trends & Long-Term Potential
Polygon’s trajectory inside an ascending trend channel over the medium to long term. Investors considered that such a pattern helped them feel more secure as they believed that the general direction went towards possible growth opportunities ahead despite any short-term fluctuations.
Nevertheless, closer examination of short-term trends reveals less rosy prospects. It broke through its critical support level, indicating that MATIC was bearish on immediate trading. The break around the $1.00 mark indicated that there might be a downward spiral, and from here, resistance could appear. It also emerged that volume trends suggested lower price action which confirmed this change of sentiment.
Amidst these short-term hurdles, however, crypto analyst Ali Martinez has given some hope. On a four-hour chart since February 16, Martinez has found that the TD Sequential indicator is highly useful for predicting the price movement of MATIC. The current buy signal displayed by this indicator suggests that there might be a MATIC recovery from the $0.92 support level. This positive sentiment hints at an impending upturn in Polygon’s fortunes for the forthcoming days.
Nevertheless, things have changed recently. MATIC surpassing its resistance level led to Polygon’s price hitting the $1.001175 mark. This strong buying pressure saw its trading volume rise to $1.59 billion over 24 hours, bringing about a market cap of $8.02 billion. The surge in trading activity indicates renewed interest and confidence among investors, culminating in a 6.18% increase in MATIC’s value over the past day.
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