Polygon Price Analysis Hints Major Reversal to $1.5 As Buyers Hit Key Resistance
Highlights
- A bullish breakout from the range resistance of $0.786 will trigger a directional rally in MATIC.
- A symmetrical triangle pattern leads to the long-term sideways action in a polygon coin.
- The intraday trading volume of the MATIC coin is $229 Million, showing a 29% gain.
Polygon Price Analysis: MATIC, the native cryptocurrency of the Polygon network, has been trading sideways since last week, struggling to surpass the $0.768 resistance. The consolidation is following the lead of Ethereum amid uncertainty around Spot ETH ETF. With the broader market yet to signal a clear sign of renewed recovery, the overhead supply could prolong the lateral trend in MATIC intact since mid-April.
Also Read: 5 Soaring Crypto to Buy With 100X Potential as Ethereum ETF Skyrockets
Chart Pattern Hints Trend Reversal for Polygon (MATIC)
Over the past six weeks, the Polygon price trading sideways resonated between the two horizontal levels of $0.768 and $0.64. The multiple swings within the range pattern hint at no clear dominance from buyers or sellers.
However, an analysis of the daily chart shows this consolidation in hovering above the support trendline of a long-coming symmetrical triangle. In theory, the chart pattern indicates a notable period of lateral movement which allows the prevailing trend to regain momentum. As per the historical data, the lateral movement above the triangle support indicates an accumulation phase before entering a bullish rally.
Moreover, in a recent tweet by the well-known trader alicharts, a compelling buy signal was highlighted on the $MATIC weekly chart using the TD Sequential indicator.
The TD Sequential presents a buy signal on the $MATIC weekly chart, anticipating #Polygon will see a one to four weekly candlesticks upswing! pic.twitter.com/pW7PpcGHHy
— Ali (@ali_charts) May 27, 2024
The analysis anticipates a potential uptrend for Polygon (MATIC), suggesting that we might see a one to four-week positive movement in its candlestick patterns.
Thus, the polygon coin is more likely to break the overhead resistance and would signal a major trend reversal. If the pattern holds true, the potential recovery could lead the asset to nearly 52% up to hit the $1.15 mark.
Technical Indicator
- Bollinger Band: The flattish trend in the Bollinger Band indicator accentuates the neutral market trend and the need for a decisive breakout from the range formation to reenter a directional rally.
- Average Directional Index: The falling ADX slope indicates the MATIC price is stabilizing from the prior downtrend, which indicates sellers have an opportunity to break bottom support.
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