Polygon experiences a significant bullish trend as MATIC, its native token, displays promising growth in early 2024. After a strong finish to the previous year, MATIC’s ongoing performance attracts the interest of investors and analysts, suggesting the possibility of additional price gains.
The year commenced with MATIC showcasing a 2.04% increase on New Year’s Eve, positioning itself in a bullish trend. This upward movement is part of a larger trend, with the cryptocurrency gaining nearly 17% in the past week alone. At present, the Polygon token is trading at $1.02, marking a robust 24-hour surge of 5.38%.
Analyst Optimism for Polygon
In a recent Twitter update, crypto analysis entity “Altcoin Sherpa” expressed bullish sentiments about MATIC’s future price. Altcoin Sherpa envisions MATIC potentially reaching a medium-term target of $1.20. This prediction aligns with a prevailing sentiment in the crypto community, suggesting the possibility of MATIC hitting the $2 milestone this year.
MATIC has noticeably lagged but I think it should go to $1.20 in the short/mid term here. Still looks pretty strong and should be a decent one to trade now. Uncertain if this outperforms other narratives/ L1 type of coins in 2024 though. Treat this more as a trade vs.… https://t.co/aoqV4405iE pic.twitter.com/PpqLck1mqo
— Altcoin Sherpa (@AltcoinSherpa) January 1, 2024
On the same day, crypto analyst Ali Martinez offered a moderately positive short-term perspective on Twitter, suggesting that MATIC is positioned to reach $1.25 soon. Following a daily peak of $1.03, MATIC’s price has shown an upward trend, maintaining a narrow trading range of $0.9757 to $1.05 amid low volatility.
His extended forecast holds a brighter outlook, targeting $1.82. Martinez bases his predictions on technical analysis, specifically noting the breakout of a symmetrical triangle pattern on the MATIC chart formed over several months. Although MATIC only saw a 28% price gain in 2023, compared to other cryptocurrencies doubling their prices, recent momentum around $0.9886 in the 4-hour chart indicates a consolidation effort. Despite a return to the $1.00 supply zone with double bottoms, the tight trading pattern between $0.9757 and $1.03 suggests a potential defined uptrend on the horizon.
The last 24 hours have been crucial for MATIC, with bulls gaining momentum to surpass minor resistance at $1.03. The price remains above key moving averages, including a significant rise above EMA 10 ($0.9671) and SMA 10 ($0.9744) at the beginning of the current trading session. Positive signals from MACD (12, 26), along with RSI at 31 and Stochastic%K at 75.77 maintaining a neutral to bullish stance, contribute to an optimistic market outlook.
Polygon Matic Price Forecast
Bullish sentiments in the MATIC market aim to exceed the $1.50 threshold. According to the Ichimoku baseline analysis (9,26,52,26), the market currently leans from neutral to bullish. Nevertheless, a potential loss of momentum might lead to a retracement, finding support at the SMA 100 level of $0.88.
Polygon Matic Chart Source: Trading View A failure to maintain this line could initiate a bearish target of $0.75, potentially resulting in a decline below $0.70. On the flip side, the immediate resistance is noted at the Hull Moving Average 9 ($1.099), suggesting a potential revisit to its intraday high. Technical indicators hint at a sustained bullish trend.
