Polygon (MATIC) Price Analysis
Polygon (MATIC) is currently trading around $0.96, having dropped below the $1 support level amidst a broader correction in the cryptocurrency market. Just recently, MATIC reached its yearly peak of $1.30 in 2024.
The recent downturn in MATIC’s price has attracted the attention of crypto analyst Ali, who noted on Twitter that the TD Sequential indicator has been accurately forecasting MATIC’s price movements on the 4-hour chart since mid-February. Ali mentioned:
“Since mid-February, the TD Sequential indicator has nailed it with $MATIC price predictions on the 4-hour chart! Now, it’s flashing a buy signal, potentially setting #MATIC up for a rebound off the $0.92 support level.”
Understanding TD Sequential Indicator
The TD Sequential is a momentum indicator designed to identify trend reversal signals. It generates sequentially higher green bars on the chart as the uptrend strengthens. A red “9” candlestick indicates a potential trend reversal to the downside, while green “9” candlesticks suggest a bullish reversal in a downtrend.
According to Ali’s analysis, the recent occurrence of a red “9” candle followed by the current green “1” candle on MATIC’s 4-hour chart suggests that selling momentum may be waning. As a result, the indicator is signaling a buy, indicating a possible rebound off the $0.92 support level.
Other Technical Indicators
While the TD Sequential indicator hints at a potential rebound, other technical indicators present a mixed outlook for MATIC. The Relative Strength Index (RSI) hovers around 42, indicating neither overbought nor oversold conditions, implying possible price fluctuations in both directions. However, the MACD line currently resides below the signal line, signaling a bearish trend that could indicate further downside.
Price Levels to Watch
If bullish momentum returns, MATIC may encounter initial resistance around $1.05, followed by a significant hurdle near $1.20. A clear breakthrough above $1.30 could pave the way for MATIC to revisit its all-time high of $2.92 set in December 2021. Conversely, if selling pressure persists, support for MATIC could be found around $0.80, with a stronger demand zone around $0.65.
Conclusion
In summary, while short-term technical indicators suggest a potential rebound for MATIC, broader market conditions are likely to influence the altcoin’s trajectory in the coming weeks.
