Polygon Price Analysis: Can Triangle Breakout Lead MATIC Price to $1?
The Polygon(MATIC) price has been trapped within a symmetrical triangle pattern for nearly a month now. The pattern range reflects a no-trading zone; however, the narrowed price action should eventually result in a decisive breakout. Thus, this pattern’s outcome should reveal the upcoming rally in MATIC.
Key points
- The 20-day EMA assists sellers in preventing a bullish breakout from the triangle
- The MATIC price retest support trendline of the triangle pattern
- The intraday trading volume in MATIC is $494.3 Million, indicating a 14.5% gain.
Source- Tradingview
The early-May bloodbath took a breather after the MATIC/USDT pair hit a low of $0.584. The buyers tried to recover the discount price but failed to breach even the immediate resistance of$0.785.
However, MATIC continued to follow a later path, reflecting uncertainty among the market participants. Furthermore, this consolidation has shaped into a symmetrical triangle pattern which may bolster further price movement.
Though this continuation pattern usually resumes the prevailing trends, indicating the MATIC price would breach the support trendline. Thus, if sellers succeed in pulling the price below ascending trendline, the altcoin would sink 18.2% lower to $0.47
However, on a contrary note, the symmetrical triangle pattern poses a possibility of a double breakout. Therefore, to avoid the consolidation trap, the traders must for a genuine breakout before positioning their fund.
This, a potential breakout from the resistance trendline, would drive the MATIC price 120% higher to $1.
Technical Indicators
The VI+ and VI- slopes offer a bullish crossover amid consolidation indicating the buyer’s attempts to wrest control from sellers. This crossover may attract additional buyers to trigger a bullish breakout from the triangle pattern.
Conversely, the fast-moving 20-day EMA moves along with descending forms an additional barrier for buyers to prevent upside breakout. Moreover, the bearish alignment among the 50, 100, and 200 indicates the path to least resistance is down.
- Resistance levels- $1 and $1.18
- Support levels- $0.75 and $1
- 21Shares Moves Closer to XRP ETF Launch as SEC Review Window Opens
- Strategy Raises $715M to Buy More Bitcoin Through New Preferred Stock
- JPMorgan Reveals $340M BlackRock Bitcoin ETF Bet Amid Crypto Treasury Decline
- Arthur Hayes Bets Big on Zcash as It Tops $10B and Surpasses Hyperliquid
- Kalshi Sees Nearly 50-Day Shutdown As Bitcoin Now Mirrors Nasdaq
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
- Dogecoin Price Surges 10% as Bitwise Spot ETF Expected to Go Live Soon
- NEAR Protocol Price Surges 37% as Open Interest Jumps 59% — Is $5 the Next Target?
- Can Ethereum Price Break Below $3k as Exchange Reserves Hit Record Lows?
- Avalanche Price Nears 60% Jump Ahead of Granite Upgrade as AVAX Burn Rate Jumps
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
