MATIC Price Analysis: Polygon Awaits Breakout of Two Week Triangle, Will MATIC Break $1.2?
MATIC Price had a wild bull run throughout the month of May. The gains that were seen far outpaced the other cryptocurrencies in its class. It was a so called late bloomer as many alt-coins had their parabolic run up far before MATIC. Although this was great at the time, MATIC has experienced a very weak downtrend ever since the top was set. Since the top, MATIC has fallen over 60% and has yet to start a strong revival.
Polygon Price has formed a symmetrical triangle (green) since the low set of $0.93. This triangle has held the price for over two weeks and it is coming to an end in 2 days. Once polygon price breaks out, we can expect a large move accordingly. A break to the downside will likely send MATIC back to $1.03 and a break to the upside will result in a push to $1.16-$1.22.
MATIC Price Analysis: MATIC/USDT 4 Hour Chart<img src="https://s3.tradingview.com/snapshots/j/jTVowJf1.png" />
Before MATIC price is completely free, it must break and hold the 100 MA in addition to the top trend of the triangle. The 100 MA has acted as resistance for a long time as its held the price from starting an uptrend. If the bulls manage to break above these two marks, price will likely fight the major resistance found at $1.22. If this is deemed successful, the skies are clear for a large push to the 1st target and beyond.
The Relative Strength Index has been following a trend for nearly two weeks. As long as strength continues to stay above this, a breakout to the upside of the triangle is imminent. The MACD has recently resorted above the 0 value back into the bullish territory. A large consolidation has taken place which surely indicates a large move is soon to come.