With a 2.04% gain on New Year’s Eve 2024, MATIC price is positioned in a bullish platform and is poised to rebound higher. With Polygon price action marking a slight decline to deliver a successful retest, buyers are speculating about the possibility of a new bull market.
Additionally, there is a possibility that MATIC price will regain $1 once again, so an uptrend could turn this psychological level into solid support. Therefore, our optimistic approach to POlygon chart analysis is consistent with the MATIC price prediction of reaching the $2 level this year.
Source – Trading View
After a slight decline in intraday volume, the overnight surge increased volume. As MATIC price finds a bounce after the retest, the chances of a high-speed uptrend increase significantly.
However, the high price rejection of the recent candle suggests robust indirect supply that could disrupt the expected upward trend. Nonetheless, the potential for a market-wide recovery should fuel Polygon’s rally.
Additionally, retesting the $0.96 area would mean retesting the double bottom breakout, which increases the likelihood of a bullish reversal. As of press time, MATIC price is trading at $0.9697, forming a Doji candle with minimal price action.
Therefore, today’s Polygon price action will play a pivotal role in the upcoming trend action and will dictate the flow of MATIC price.
Technical indicators:
RSI indicator: Daily RSI shows short-term lateral movements that buffer reversals in oversold areas. Therefore, the RSI line remains above the midline, now signaling a possible reversal.
EMA indicator: The golden crossover is followed by an upward trend for the 50D and 200D EMAs. Moreover, the rising 50D EMA is poised to become a strong defense in case of a sharp correction.
Is MATIC price going up to $1.50?
MATIC price is poised to rise in the new year as a recovery rally becomes more likely. Moreover, the increase in trading volume supports the bullish thesis and reflects additional momentum as the market recovers.
MATIC price could pursue possible targets of $1.20 and $1.50 depending on Fibonacci extension levels based on trend retracement.
A plunge below the $0.96 range during the retest phase would increase selling pressure to test the $0.90 level.