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.
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
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
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.
Disclaimer
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