MATIC Price Analysis: Potential for Breakout as MATIC Tops CoinMarketCap’s Trending List
Crypto News – Over the past 24 hours, Polygon (MATIC) has witnessed a steady 1.1% price increase, bringing its current value to $0.6324. This notable positive performance has also propelled MATIC to the forefront of CoinMarketCap’s trending list. Furthermore, technical indicators indicate the possibility of an impending significant price movement.
On the weekly chart, MATIC has formed a symmetrical triangle pattern over the past few months. This pattern often signals an imminent breakout in the medium term. In the event of a downside breakout, MATIC may target a retest of the crucial support level at $0.3190.
Conversely, a bullish breakout could set the stage for MATIC to establish a new all-time high (ATH) in the coming months. An initial confirmation of this bullish scenario may occur when MATIC successfully closes a weekly candle above $0.9220.
Following such a confirmation, the cryptocurrency’s price may continue its upward trajectory, with the potential to transform the $1.7995 resistance level into a support base. Surpassing this barrier would pave the way for MATIC to retest its previous ATH, which stands at $2.92.
In the shorter term, MATIC is currently making efforts to breach the $0.6830 resistance level. Should it manage to close a daily candle above this point, it could establish a foundation for further gains, targeting the subsequent resistance level at $0.8220 within the next two weeks.
However, a rejection at the $0.6830 resistance level poses a risk of a decline, possibly leading MATIC to its immediate support level. In this bearish scenario, the coin’s value might plummet to as low as $0.5540 in the days ahead.
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