Strong

April

Momentum

Polygon

MATIC, the native cryptocurrency of layer 2 solution Polygon witnessed a notable upswing on Monday amid the broader market recovery. With the <a href="https://coingape.com/bitcoin-price-top-analyst-warns-massive-liquidation-btc-hits-71k/">Bitcoin</a> price breakout from the $70000, the altcoin witnessed accelerated recovery momentum allowing buyers to regain lost ground. Thus, the <a href="https://coingape.com/markets/heres-why-polygon-price-sees-22-fall-amid-market-correction/">Polygon coin</a> price rebounded from a 50% retracement level and surged 7% to break the key resistance of the prior correction trend,&nbsp; 
Also Read: <a href="https://coingape.com/crypto-prices-today-april-8-bitcoin-at-69k-ethereum-above-3400-xrp-sol-dipv/">Crypto Prices Today April 8: Bitcoin At $69K, Ethereum Above $3400, XRP &amp; SOL Dip</a> 
<h2 id="matic-s-key-indicators-favor-a-strong-market-comeback">MATIC’s Key Indicators Favor a Strong Market Comeback</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/m/mrTrCcoZ.png" alt="BINANCE:MATICUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Polygon Price Prediction| Tradingview
 </figcaption>
</figure> 
The last correction trend in the <a href="https://coingape.com/price/polygon/">Polygon price</a> can be traced through a falling wedge pattern in the 4-hour chart. The pattern’s resistance trendline led to a sharp downfall from the $1.29 high to $0.86, registering a 32.8% loss in value. 
<blockquote>
 However, this correction marked a 50% retracement as per the Fibonacci tool and reverted the price back to $0.947. Amid the broader market recovery, this price jump breached the resistance trendline of the wedge pattern signaling the end of the correction.&nbsp;
</blockquote> 
In his latest analysis, renowned trader Alichart has cast a spotlight on Polygon’s <a href="https://coingape.com/matic-price-hit-1-analyst-predicts-citing-technical-indicators/">MATIC</a>, where the data points toward a potentially bullish future. The key indicator here is the 30-day Market Value to Realized Value (MVRV) ratio.&nbsp; 
Currently, this indicator sits below 1, a threshold that historically signals the asset might be undervalued and, therefore, at a buy zone. This is particularly noteworthy given that past instances of similar MVRV levels have been followed by impressive price upticks for MATIC—once by 112% and another by 87%. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The 30-day MVRV shows <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a> is in the buy zone! Historically, the last two entries into this zone saw <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw">#MATIC</a> surge by 112% and 87%. This is a pattern in <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw">#Polygon</a> trend worth watching! <a href="https://t.co/tICtvdLZ0d">pic.twitter.com/tICtvdLZ0d</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1776881848569704856?ref_src=twsrc%5Etfw">April 7, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Thus, if the Polygon price sustains this breakout, the buyers may drive a rally to $1.08, followed by $1.3. 
Also Read: <a href="https://coingape.com/bitcoin-etf-regain-momentum-with-484m-inflows-whats-next-for-btc-price/">Bitcoin ETF Regain Momentum With $484M Inflows, What’s Next For BTC Price?</a> 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB indicator: The uptick in the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band</a> indicator highlights an intraday momentum actively bullish.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Averages Convergence Divergence: A bullish upswing in the MACD(blue) and signal(blue) indicate the market participants turning to bullish sentiment.</li> 
</ul> 
The post <a href="https://coingape.com/markets/polygon-price-prediction-end-of-correction-hints-30-in-april/">Polygon Price Prediction: End-of-Correction Pattern Hints 30% Upswing In April</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Polygon Price Prediction: End-of-Correction Pattern Hints 30% Upswing In April

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