With the whole crypto market going through a bull run now, polygon will also look to break previous highs and give attractive returns to the crypto holders.
In this article, we will look at the matic price analysis,matic price prediction along with matic polygon news.
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Matic Crypto Next Target
MATIC is trading at $1.07, with a market cap of $9.89 billion and a 24-hour volume of $806.23 million. MATIC has increased by 5.02% in the last 24 hours and by 35.35% in the last 30 days. MATIC is currently ranked #16 among all cryptocurrencies by market cap.
MATIC has been on a bullish trend since early February, when it broke out of a symmetrical triangle pattern and surpassed the resistance level of $0.2. MATIC then rallied to a new all-time high of $1.15 on 28 February, driven by a surge in demand and positive news. Some of the factors that contributed to MATIC’s rally include:
Just wait for H&S neckline to breakout, currently it is facing marked horizontal resistance, but if the bullish pressure exertion continues, the breakout is not far away.
MATIC is currently facing some resistance at the $1.1 level, which coincides with the 23.6% Fibonacci retracement level of the recent rally from $0.2 to $1.15. MATIC needs to break above this level to resume its uptrend and target the next resistance levels at $1.2, $1.3, and $1.4. On the other hand, if MATIC fails to sustain the momentum and falls below the support level of $1, it could enter a bearish phase and test the next support levels at $0.9, $0.8, and $0.7.
Weekly Price Analysis
The weekly chart of MATIC shows that MATIC has formed a bullish candle, which indicates a strong continuation of the previous uptrend. MATIC has also broken above the 20-week moving average, which acts as a dynamic support and resistance level. MATIC has also reclaimed the 50-week moving average, which is another bullish sign.
The weekly RSI of MATIC is above 70, which indicates that MATIC is overbought and could face some correction or consolidation in the short term. However, the weekly MACD of MATIC is positive and rising, which indicates that MATIC has strong momentum and could continue its rally in the long term.
News Roundup
MATIC has been making headlines in the crypto space and beyond, attracting attention from investors, media, and regulators. Some of the recent news about MATIC include:
- On 4 March 2024, MATIC was featured on the cover of Forbes magazine, with the title “The Future of Blockchain Gaming: How Polygon is Revolutionizing the Industry”.
- On 2 March 2024, MATIC was accepted as a form of payment by Amazon, the e-commerce giant, who announced that it will support Polygon and other crypto assets on its platform.
- On 1 March 2024, MATIC was burned by the Polygon team, who announced that they had permanently removed 10% of the total supply of MATIC from circulation, in order to increase its scarcity and value.
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