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Polygon (MATIC) Price Rising by 17% Could Bring $260 Million in Profits  

2 mins
Updated by Daria Krasnova
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In Brief

  • MATIC price is attempting to breach a critical barrier that could enable a rise to $0.60.
  • The GIOM shows that about 512 million MATIC could turn profitable once the price hits $0.59.
  • However, MACD highlights that the bullish momentum is waning again, suggesting a decline.
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Polygon (MATIC) price is in the midst of breaking out and holding on at the current price owing to the mixed sentiment from the market.

While the demand for a rise remains high, as it could lead to millions of dollars worth of profits, the market is pointing in a different direction.

Polygon Investors’ Profits Await

MATIC price at $0.51 has been failing at breaching a key barrier that could push the profits up considerably. According to the Global In/Out of the Money (GIOM) indicator, about 512 million MATIC worth over $264 million could bear profits soon.

This supply was bought between $0.52 and $0.59 and would turn profitable once the altcoin reaches $0.60. This would be a huge boost to the price as it would trigger bullishness among the investors.

MATIC GIOM.
MATIC GIOM. Source: IntoTheBlock

However, the Moving Average Convergence Divergence (MACD) indicator does not substantiate this sentiment. The MACD indicator highlights that the bullish momentum is waning. This technical signal suggests that the upward movement is losing strength.

Read more: How To Buy Polygon (MATIC) and Everything You Need To Know

MATIC MACD
MATIC MACD. Source: TradingView

As the bullish momentum fades, there is a growing indication that a decline might be on the horizon for MATIC. This could eventually result in a bearish crossover, which could increase the selling pressure.

MATIC Price Prediction: Sideway Is the Future

MATIC price for the foreseeable future will likely consolidate within $0.54 and $0.49, This is because the altcoin has been struggling to breach the resistance for a while now. 

The lack of support from the broader market could further this failure, resulting in the Polygon native token remaining sideways bound.

Read more: Polygon (MATIC) Price Prediction 2024/2025/2030

MATIC Price Analysis.
MATIC Price Analysis. Source: TradingView

In the event that MATIC price does manage to successfully breach the barrier at $0.54, a rally is likely. This could send the altcoin to $0.60, bringing investors profits and invalidating the bearish-neutral thesis.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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