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End-of-Correction Pattern Hints 30% Upswing In April – Crypto News

Published

1 year ago

April 9, 2024

Dripp

MATIC, the native cryptocurrency of layer 2 solution Polygon witnessed a notable upswing on Monday amid the broader market recovery. With the Bitcoin price breakout from the $70000, the altcoin witnessed accelerated recovery momentum allowing buyers to regain lost ground. Thus, the Polygon coin price rebounded from a 50% retracement level and surged 7% to break the key resistance of the prior correction trend,

Also Read: Crypto Prices Today April 8: Bitcoin At $69K, Ethereum Above $3400, XRP & SOL Dip

MATIC’s Key Indicators Favor a Strong Market Comeback

BINANCE:MATICUSDT Chart — Polygon Price Prediction| Tradingview

The last correction trend in the Polygon price 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.

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.

In his latest analysis, renowned trader Alichart has cast a spotlight on Polygon’s MATIC, where the data points toward a potentially bullish future. The key indicator here is the 30-day Market Value to Realized Value (MVRV) ratio.

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%.

The 30-day MVRV shows $MATIC is in the buy zone! Historically, the last two entries into this zone saw #MATIC surge by 112% and 87%. This is a pattern in #Polygon trend worth watching! pic.twitter.com/tICtvdLZ0d

— Ali (@ali_charts) April 7, 2024

Thus, if the Polygon price sustains this breakout, the buyers may drive a rally to $1.08, followed by $1.3.

Also Read: Bitcoin ETF Regain Momentum With $484M Inflows, What’s Next For BTC Price?

Technical Indicator

BB indicator: The uptick in the upper boundary of the Bollinger Band indicator highlights an intraday momentum actively bullish.
Moving Averages Convergence Divergence: A bullish upswing in the MACD(blue) and signal(blue) indicate the market participants turning to bullish sentiment.