MATIC Price Reversal Brings A New Hope For Bull Run To $2

The post MATIC Price Reversal Brings A New Hope For Bull Run To $2 appeared first on Coinpedia Fintech News

With a bullish turnaround this month, the MATIC price trend is gaining momentum amidst the market recovery. The sharp turnaround helps Polygon continue the bull run from the bottom of $0.7262.

As the turnaround completes a rounding bottom, the MATIC price heads to reclaiming $1 and potentially creating a new 52-week high. Further, as per our MATIC price prediction, the chances of a bullish 2024 are significantly high.

Source – Tradingview

The weekly chart for MATIC exhibits a notable development, as a rounding reversal indicates a shift in momentum. The price action faces a persistent challenge at the crucial $1 psychological level. 

However, this week’s recent surge of 19.63% introduces a bullish candle formation. This positive movement hints at a potential surge in Polygon, fueling optimism for a strong comeback.

The recent surge in the MATIC price has resulted in a sideways trend, indicating the potential formation of a double bottom pattern with a neckline at $1. This pattern suggests a potential reversal in the downtrend. Furthermore, the significant 34% increase in trading volume supports the possibility of a breakout.

Currently, the MATIC price trades at $0.9952 and is ready for an uptrend above $1. 

Is MATIC Price Heading Towards $2?

The breakout rally approaching is expected to propel MATIC beyond the significant $1 threshold, positioning it for a potential surge in 2024. This anticipation is further strengthened by the rising trading volume, which reflects a growing market momentum as the broader market recovers.

According to the Fibonacci levels, the uptrend in MATIC price could be heading for potential targets of $1.3370 and $1.6315 in the coming weeks. With the breakout of these levels, the additional momentum can easily lift the Polygon price to $2. 

Nevertheless, should the retest phase swiftly descend below the $0.96 range, an escalation in selling pressure is anticipated. This might lead to a drop to the $0.85 level.