Polygon Price Forecast: Will the Symmetrical Triangle Formation Spur a Bullish Trend?

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As an experienced financial analyst, I’ve closely monitored the cryptocurrency market, including Polygon (MATIC), for several years. The recent downtrend in the crypto market, with Bitcoin struggling to maintain its price above $65,000, has affected various altcoins, including MATIC.

In the realm of cryptocurrencies, Bitcoin‘s instability around the $65,000 mark has cast doubt over the market as a whole. Amongst the major digital currencies, some altcoins like Polygon (MATIC) have been hit harder. After touching a resistance at $0.778, the coin plummeted 15% to its current value of $0.658. The question remains: Will the existing supply force this downtrend further down, below $0.6?

Will the $0.656 Level Hold Amid Ongoing Correction?

Polygon Price Forecast: Will the Symmetrical Triangle Formation Spur a Bullish Trend?

For approximately a month now, MATIC, the native cryptocurrency on the Polygon network, has been trading within a narrow range, with its price fluctuating between $0.77 and $0.588. Amidst the ongoing market consolidation, the significant daily price fluctuations suggest that there is no clear buying or selling pressure from bulls or bears towards this asset.

The price of MATIC saw a decrease of 1.3% intraday, adding to its ongoing correction for traders at $0.656. Given the continued selling pressure, there’s potential for an additional 8% drop that could take the altcoin to touch the lower boundary of a symmetrical triangle chart pattern.

As a seasoned crypto investor, I’ve been closely monitoring the price chart of Polygon coin since April 22. The pattern displayed here is characterized by two converging trend lines that have instigated a long-term sideways trend in the coin’s value. However, based on historical data, I’ve noticed that the lower trend line has recently experienced renewed demand pressure. This pressure has been strong enough to propel the price back up towards the upper boundary, indicating a potential rally for Polygon coin.

As a crypto investor, I believe that the upcoming downturn might present an excellent buying opportunity around the $1.15 mark this year. Nevertheless, the bullish trend may encounter hurdles between $0.77 and $0.953, making the recovery process more challenging.

After making that observation, if the Polygon price is to initiate a prolonged upward trend, it may require breaking out of its current triangle pattern first.

Technical Indicator

    BB Indicator: The squeezed range for the Bollinger Band indicates the heightened volatility in this asset.
    MACD: A potential bearish crossover between the MACD (blue) and signal (orange) lines below the midline indicates the supply pressure is active and may promote further downfall in MATIC.

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2024-05-15 00:06