This Indicator Nailed Polygon (MATIC) Price Predictions Since Mid-February: Here’s What It Flashes Now
Polygon (MATIC) is trading around $0.96 at press time, having lost the crucial $1 support level earlier today amid a broad cryptocurrency market correction. Just a few days ago, MATIC was riding high near $1.30 – its 2024 yearly peak.
The recent pullback in MATIC’s price has caught the attention of popular crypto analyst Ali, who tweeted that the TD Sequential indicator has accurately predicted MATIC’s price movements on the 4-hour chart since mid-February. He stated:
“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.”
The TD Sequential is a momentum indicator that helps identify trend reversal signals. It prints sequentially higher green bars on the chart as the uptrend gains momentum. A red “9” candlestick then forecasts an impending trend reversal to the downside. Conversely, green “9” candlesticks suggest the downtrend is due for a bullish reversal.
According to Ali’s analysis, the recent red “9” candle followed by the current green “1” candle on MATIC’s 4-hour chart is an indication that the selling momentum is exhausting. The indicator is thus flashing a buy signal, suggesting MATIC could rebound off the $0.92 support level.
Other technical indicators paint a mixed picture for MATIC at the moment. The Relative Strength Index (RSI) is hovering around 42, neither overbought nor oversold, leaving room for further price fluctuations in either direction. However, the MACD line is currently below the signal line, a bearish signal that could point to more downside ahead.
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Show more +If the bulls regain control, an initial resistance level for MATIC lies around $1.05, with the next key hurdle around $1.20. A decisive break above $1.30 could open the path toward MATIC’s all-time high around $2.92 set in December 2021. Conversely, if selling pressure persists, MATIC could find support around $0.80, with $0.65 acting as a stronger demand zone.
Overall, while the short-term technicals suggest a potential rebound for MATIC, the broader market conditions will likely play a crucial role in determining the altcoin’s trajectory over the coming weeks.
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