Polygon Price Has the Potential to Rise 30%, Can It Get Through the 700 Day Resistance of IDR 12,000?

Bittime - While several layer-2 projects and other Ethereum competitors are rising due to high interest in Ethereum ETFs, the price of Polygon (MATIC) is doing the opposite. The price of this token has struggled to rise consistently and is currently only 25% higher than its high point last April.

However, in the midst of this weakness, MATIC is trying to break through the long-term resistance area (upper limit). Will these efforts be successful, and if so, how long will the price continue to rise afterward? The answer is in this article!

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MATIC Is Between Support and Resistance

MATIC price has been moving up following an ascending support trend line (lower boundary) since June 2022. This trend line has been confirmed three times, most recently in April 2024 (green icon), forming a long lower wick. This trend line has been around for more than 700 days.

Also read: Polygon (MATIC) Price Prediction According to Crypto Academy

Apart from the trend line, the next most important level is at IDR 12,000 (equivalent to $0.75). This is a horizontal area that has alternately been resistance and support, parallel to the trend line.

This area turned into resistance after Polygon price fell below it in April. Since then, MATIC has made several failed breakout attempts (red circles).

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Even though the breakout failed, the MACD and RSI indicators both gave bearish signals (decline). In more detail, the RSI fell below 50 and the MACD below 0, both signs of a downtrend.

Can MATIC Bounce Back?

Looking at the daily Polygon price chart, we get mixed signals. The price movement shows that MATIC managed to break through the descending resistance trend line (white line).

Also read: Exploring Polygon (MATIC): Price Predictions and Market Forecasts

However, the breakout was still stuck inside an ascending parallel channel, which usually occurs in a correction structure. In addition, MATIC is still far below the 0.382 Fibonacci retracement resistance level, which is the first resistance after the breakout.

Even though it does not show clear strengthening, technical indicators actually provide a bullish outlook (upward trend). This can be seen from the bullish divergence signal (difference in direction) formed on the RSI and MACD (green line), which often precedes a trend reversal to become bullish.

Lastly, the wave count supports the possibility of a price increase. The increase since April 13 occurred inside an ascending wedge and is most likely a leading diagonal. 

In the bigger picture, this rise could be wave A of the ABC structure (white line), or wave 1 in a five-wave rise (yellow line).

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If this is a correction structure (white line), MATIC could reach resistance at IDR 13,760 (equivalent to $0.86) before falling again. On the other hand, if the Polygon price increase is a five-wave increase, MATIC price will reach the 0.618 Fibonacci retracement resistance at IDR 16,300 (equivalent to $1.02) before being corrected.

How to Buy Polygon (MATIC) on Bittime

You can buy and sell Polygon (MATIC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Polygon (MATIC) is available on Bittime with the market pair MATIC/IDR. To be able to buy MATIC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Polygon (MATIC) on Bittime. 

Monitor price chart movements for Polygon (MATIC), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Will the Price of Polygon (MATIC) Rise This Weekend? Here's What Analysts Say

Polygon (MATIC) vs Algotech (ALGT) Heads to $2, Which Will Come First?

Polygon (MATIC) Increasingly Popular: Daily Transactions Break Records, Token Prices Also Rise!

Polygon Performance Declines: Can MATIC Hit $1 Before the End of April?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.