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Polygon (MATIC) Price Prediction – When will MATIC hit $3?

Polygon (MATIC) Price Prediction
author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

MATIC has failed to maintain a robust upward momentum despite the increase in whale appetite. In addition, the cryptocurrency has experienced a significant decline of 25.93% over the past week.

As a result of the recent decline in investor and trader sentiment regarding MATIC, investors and traders are observing price charts with extreme caution. The recent actions of the United States Securities and Exchange Commission against alternative cryptocurrencies have impeded Polygon's growth potential.

During the same time frame, the movements of MATIC's supply on exchanges, which indicate short-term selling pressure, have fluctuated rapidly. At the time of publication, it had experienced a sharp increase, followed by a decline, and then another rise before leveling off.

Overall, the prognosis for MATIC remains uncertain as cryptocurrency struggles to overcome widespread pessimism.

Should you try buying MATIC Now?

Let’s find the Polygon (MATIC) Price Prediction from the MATIC Forecast:

MATIC/USDT Showed A Rebound From The Demand Zone

MATICUSDT Showed A Rebound From The Demand Zone

The broader market outlook is bearish in the current daily chart of MATIC/USD, as bears were seen to remain active in recent days.

Based on the fixed range high volume indicator, the highest trading volume from 18 February to 17 June 2023 was at the 1.1044 level. The high volume level is 84% above the current price; the broader market direction is bearish. However, there is a strong gap with the high volume level could signal a minor bullish possibility as a mean reversion.

Based on the current price structure, the 0.5099 bottoms could be validated after taking the price above the 0.6784 level with a daily candle close.

The indicator window shows an oversold condition from the Relative Strength Index, which could work as a bullish reversal signal. Moreover, the 20-day EMA and 50-day SMA are above the current price with a strong gap, signaling a mean reversion possibility.

Based on the Polygon Price Prediction, MATIC/USD price bullish price needs a stable position above the 0.6784 level for the conservating long approach.

As the existing market trend is bearish, more downside pressure may come if price shows further selling pressure from the dynamic 20 EMA resistance.

MATIC/USD Ichimoku Cloud Analysis

MATICUSD Ichimoku Cloud Analysis

The price is bearish in the intraday chart, where multiple lower low formations are seen below the Ichimoku Cloud. 

In the most recent chart, the selling momentum came with massive selling pressure and impulsive momentum. As a result, the market sentiment has changed the sentiment from bullish to bearish.

In the future cloud, the gap between the Senkou Span A and Senkou Span B is wide, which indicates a strong market trend towards the seller's side. The dynamic Tenkan Sen and Kijun Sen are below the current price, working as a minor bullish signal.

The indicator window shows a bullish condition, where the current TDI level is at 51% area.

Based on the H4 outlook, investors should wait for the price to move above the 0.6613 level with a stable H4 close. It would work as a counter-bullish pressure, opening the possibility of reaching the 0.7889 resistance level.

On the other hand, the bearish rejection from dynamic levels could increase the possibility of breaching the 0.5530 demand zone, extending the loss towards the 0.5000 key level.

MATIC/USD Intraday Price Action Analysis

MATICUSD Intraday Price Action Analysis

In the hourly chart, the early bullish sign is visible in the MATC/USDT chart, which could end up with a strong bullish reversal. 

Based on the visible range high volume level, the highest trading volume level is at 0.5976, which is below the current price. Therefore, the primary trading idea of this pair is to find bullish opportunities until the price breaks below the high volume level.

The dynamic 20 EMA and weekly VWAP are closer together, and the price formed a strong bullish H1 candle above these. The indicator window shows how the MACD Histogram is above the neutral line while the MACD EMA’s are in the bullish zone.

Based on the MATIC Price Prediction, the current price is facing a trendline resistance, and a strong bullish breakout above this could signal a bullish possibility, targeting the 0.7889 level.

Is MATIC/USD A Buy?

Based on the Polygon Price Prediction today, investors should wait for the price to move above the near-term 0.6784 static level before considering a strong buy signal. On the other hand, bears may regain momentum at any time, targeting the 0.5000 level.

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