Polygon Price Fall to 22-Month Support Hints Best Dip Opportunity of 2024
The correction initiated from the third week of March plunged the MATIC price 46% to currently trade at $0.69. The geopolitical issue in the Middle East and the pre-halving correction in Bitcoin continue to fuel selling pressure in the market. Do MATIC buyers have an opportunity to counterattack?
The Polygon coin price has maintained a consistent sideways trajectory for over two years, oscillating within a narrowing channel of the symmetrical triangle pattern. The two converging trendlines act as dynamic resistance and support indicating an equilibrium, with neither buyers nor sellers gaining a definitive upper hand.
With an intraday loss of 3%, the MATIC price is heading to the patternâs lower trendline at $0.58. Historical data shows that a rebound from the support trendline in June 2022 launched a 375% rally for the altcoin, while a reversal in October 2023 sparked a 153% surge.
Thus, the Polygon price is poised for significant demand in the $0.6-$0.58 range, setting the stage for another upward move. With the Bitcoin halving event approachingâan event that typically boosts the crypto marketâMATIC is well-positioned for a bullish reversal.
If the demand holds strong at this critical support level, we could see buyers initiate a new bull cycle following the triangle pattern, potentially leading to a 70-75% increase to reach the upper trendline around $1.2.
However, itâs worth noting that the MATIC price will only receive a better opportunity to carry sustainable recovery if buyers break the triangle upper boundary.
Conversely, a breakdown below the bottom trendline will signal a major downtrend in the Polygon coin.
BB indicator: The downtick in the lower boundary of the Bollinger Band indicator highlights the sellers are the current dominating players in this asset.
Vortex Indicator: The widespread VI+- and VI- slope indicates no sign of bullish reversal yet.
Update soon, my friends đ«
