Polygon Price Surges Following Whale Buying! MATIC Price Eyes For $1 Before 2024?

The post Polygon Price Surges Following Whale Buying! MATIC Price Eyes For $1 Before 2024? appeared first on Coinpedia Fintech News

After trading under a bearish influence for over a week, the Polygon’s MATIC token has successfully regained momentum and has recorded a significant jump in its value. Further, MATIC price has added over 7% within the past day, indicating an increasing bullish influence in the crypto space.

The Polygon’s MATIC price displayed a neutral trend following the market pump in November as the token traded in a closed range between $0.7572 and $0.7904 for over a week.

TradingView: MATIC/USDT

After this, the price lost momentum and recorded a drop, but the bulls held the price strong above the support level of $0.7281, resulting in a bounce back in the chart.

Further, the bulls jumped over 13% before it faced rejection at $0.8271, following which it traded sideways for a while. As the market regained momentum, the MATIC token recorded a jump of 14%.

However, the bulls failed to hold power and faced rejection at $0.9458. Following this, the price lost momentum, started trading under a bearish influence, and recorded a correction of approximately 20% over a week.

After multiple failed attempts to break down, the bulls regained power and jumped over 14% within the past two days. Positively, the Cross EMA 50/200 Day displays a bullish curve in the chart, suggesting a trend reversal in the price action.

Will MATIC Price Increase?

The Relative Strength Index (RSI) displays a sharp jump in the chart, indicating an increase in the buying pressure in the market. Moreover, the averages show a rising trend, suggesting the price will continue to record significant price action in the coming days.

If the bulls hold the price above the support level of $0.8271, the MATIC price will regain momentum and prepare to test its resistance level of $0.8678 over the weekend. Moreover, if the market maintains the price at that level, the Polygon token will prepare to test its upper resistance level of $0.90 this month.

Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.8271. Further, if a trend reversal occurs, the price will plunge and prepare to test its lower support level of $0.7904 in the coming time.