Highlights
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
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.
https://twitter.com/ali_charts/status/1794997713936719902?ref_src=twsrc%5Etfw” rel=”nofollow
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.
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