Overview of MATIC Price Action
Starting 2024 with a 2.04% jump on New Year’s Eve, the MATIC price is situated on a bullish platform, ready to bounce higher. With the Polygon price action marking a minor pullback to give a successful retest, the buyers are speculating on the possibility of a refreshed bull run.
Further, the possibility of MATIC price reclaiming the $1 post once again, the uptrend might turn this psychological level into a solid support. Hence, the optimistic approach to the Polygon chart analysis aligns with the MATIC price prediction of reaching the $2 mark this year.
Trading Volumes and Potential Uptrend
Following the declining track of intraday trading volumes during the minor pullback, the overnight spike comes with heightened volumes. As the MATIC price finds a post-retest bounce, the chances of a high-speed uptrend increase significantly.
However, the higher price rejection in the recent candle signifies a solid overhead supply that may hamper the anticipated uptrend. Nevertheless, the possibility of a market-wide recovery will fuel the rally for Polygon.
Further, the retest of the $0.96 zone marks the retest of the double bottom breakout, which increases the likelihood of a bullish turnaround. At press time, the MATIC price trades at $0.9697 and forms a Doji candle with minimal price action.
Hence, today’s Polygon price movement will be pivotal for the upcoming trend action and direct the flow of MATIC prices.
- RSI Indicator: The daily RSI shows a short-term lateral move cushioning the reversal from the oversold zone. Thus, the RSI line sustains above the halfway line and now teases a potential reversal.
- EMA Indicator: Following the golden crossover, the uptrend in the 50D and 200D EMA continues. Further, the rising 50D EMA is preparing to become a strong line of defense in case of a steep correction.
MATIC Price Target and Potential Scenarios
With the increased chances of a recovery rally, the MATIC price prepares to take off in the new year. Moreover, the rise in trading volume bolsters the bullish thesis and reflects an additional momentum increase with the market recovery.
The MATIC price may pursue possible targets of $1.20 and $1.50, according to the Fibonacci extension level, based on the trend retracement.
If the retest phase results in a quick drop below the $0.96 range, selling pressure will increase and test the $0.90 level.