Polygon’s MATIC token has been consolidating over the last 24 hours, with prices showing no noteworthy fluctuations. However, the cryptocurrency continues to maintain an established position above $1.15, demonstrating the resilience of the overall increase.
MATIC has seen a 5% gain in the past week, indicating sustained buying interest from market participants. Analysts are monitoring potential breakouts that could restart the upward trajectory.
A bullish breakout from a sideways channel between $0.75 and $1.05 could signal an uptrend and potentially lead to a price revisiting $1.25, representing a 25% upside potential. Traders are advised to set a stop loss at $0.88 and set a price alert.
MATIC was trading in a sideways channel, a neutral pattern that indicates market indecision. Trend traders should look for a breakout in either direction, however it usually occurs in the direction of the current trend. Swing traders can trade the range by purchasing around the support and selling near the resistance.
The trend across all time horizons (short, medium, and long-term) is up, and the momentum is bullish, with the MACD Line above the MACD Signal Line and the RSI above 55.
The nearest Support Zone is $1.00 – $1.05, followed by $0.75, while the nearest Resistance Zone is $1.25, with the next target set at $1.50.
Polygon’s MATIC has resumed its uptrend after breaking out of a Sideways Channel. The path of least resistance appears upward, with bullish momentum and an uptrend across all time frames. If MATIC can clear immediate resistance at $1.25, the next target could be $1.5, representing a potential 30% upside. Traders should monitor the $0.88 level as a stop loss and set price alerts for key levels.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
