MATIC Price Ready To Cross $1 With A 33% Upside Potential

The post MATIC Price Ready To Cross $1 With A 33% Upside Potential appeared first on Coinpedia Fintech News

Starting 2024 with a 2.04% jump on New Year’s Eve, the MATIC price failed to sustain the pressure above $1, leading to a reversal. As the Polygon price took a 17.35% dump last week, the bullish fate was ready to bounce back with the Bitcoin Spot ETF approval. 

With the revival of bullish momentum as the U.S. SEC approves the Bitcoin Spot ETF, the MATIC price trend approaches $1. Further, as per our MATIC price prediction, the chances of a bullish 2024 are significantly high.

Source – Tradingview

With a rounding reversal in the weekly chart, the MATIC price shows a constant obstacle at the psychological mark of $1. Further, the recent recovery of 12.51% this week forms a new bullish candle and teases a strong comeback for Polygon. 

Despite the recent jump, the MATIC price shows a sideways stiff with a low declining trend. Nevertheless, the recent hike of 64% in the 24H trading volume supports the breakout possibility. 

In the weekly chart, the overhead resistance trendline remains dominant and might challenge the $1 breakout rally. Hence, the sideline buyers may find a short hiccup along the way if they enter at the $1 break. 

Currently, the MATIC price trades at $0.9013 and a 12% growth in the last 24 hours to form a bullish engulfing candle in the daily chart. 

Technical indicators:

RSI Indicator: The weekly RSI shows a sideways trend above the halfway line, with multiple hiccups reflecting high volatility. In spite of that, the lack of bearish divergence projects an optimistic viewpoint. 

MACD indicator: Following the positive crossover, the uptrend in the MACD and Signal lines cross above the zero line. However, the fluctuating intensity of positive histograms warns of a reversal.

Is MATIC Price Heading Towards $1.33?

With a breakout rally on the horizon that could push MATIC past the psychological $1 mark, the token is primed for liftoff in 2024. Additionally, rising trading volume reinforces the bullish thesis and signals an increase in momentum as the market recovers.

According to the Fibonacci levels, the uptrend in MATIC price could be heading for potential targets of $1.20 and $1.33.

If the retest phase results in a rapid drop below the $0.96 range, selling pressure will intensify and test the $0.85 level.