• Home
  • MATIC Cryptocurrency Targets $2 Amid Bullish Indicators

MATIC Cryptocurrency Targets $2 Amid Bullish Indicators

The Key Points in Brief

The cryptocurrency MATIC is on the verge of breaking out of a bullish pattern, with $2 being the next target. Despite a generally bullish crypto market, the daily chart of Polygon [MATIC] shows a reddish hue, indicating an impending breakout.

Is MATIC on the way to $2?

According to CoinMarketCap, MATIC is trading at $1.05 at the time of reporting, with a market capitalization of over $10 billion. The sluggish price action also affects the market sentiment. It has been reported that the token’s weighted sentiment has dropped, suggesting a bearish mood in the market.

Positive signs despite bearish sentiment

Despite the overall bearish sentiment, there is good news as the token’s price is in a bullish pattern at the time of the press. According to a recent tweet from Captain Faibik, the price of MATIC is on the verge of breaking out of a bullish triangle pattern, which could enable it to reach the $2 mark in the coming weeks.

Resistance zones on the way to $2

In a utopian situation, MATIC could encounter resistance in some zones before reaching the $2 mark. An analysis of data from Hyblock Capital revealed that MATIC’s liquidation will significantly increase when its value reaches $1.08. High liquidation during an uptrend is often followed by price corrections. Therefore, MATIC must overcome this hurdle to reach $2.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Our Assessment

To better understand whether the altcoin will be able to start a bull rally, we looked at its daily chart. Our analysis suggests that the price of Polygon is in a zone of high volatility, as indicated by the Bollinger Bands. Its MACD also shows advantages for buyers in the market. Another bullish indicator is MATIC’s Chaikin Money Flow (CMF), which shows an upward trend, suggesting that the chances of a price increase at this time are high. However, the Relative Strength Index (RSI) indicates a downward trend, suggesting that investors may have to wait longer to see MATIC at $2.

Sources:

CoinMarketCap, Hyblock Capital, TradingView, Captain Faibik on Twitter.

Casinos: 9
Profile Polygon-Matic
Symbol MATIC
Coin type Alt Coin
Transaction Speed High
Pros
  • Fast deposits and withdrawals
  • Anonymity and data protection
Cons
  • Technical hurdles
  • Limited acceptance
Price $0.33
24h % 0.02 %
7d % -10.06 %
30d % -19.95 %
60d % -21.84 %
Official Links
Socials Reddit | X
Best 3 Polygon-Matic casinos

Latest News

Created by

I had my first experience with slot machines in 2011 during my semester abroad in Las Vegas. Back in Germany, I wanted to play the same slots, but that was only possible online. Since then, I've been playing slots in online casinos and love crazy ideas.
Reviewed by
Nerd of Numbers

Last update: 5. September 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.