Polygon (MATIC) Eyes $2 with an Imminent Major Move

Polygon (MATIC) has touched the end of the retracement phase, and price breakout seems imminent.

  • Vital support level – $1.7 and 41
  • Vital resistance levels – $2.2, and $2.27 (ATH)

MATIC’s upswings have created a steep ascending triangle, and the price touched the $2.2 resistance before correcting. For now, the alt hovers at the pattern’s apex, and MATIC has a little movement room. Therefore, market players can expect a Polygon breakout at any time. If the alt declines, it will discover reliable supports at $1.7, then $1.

With the current conditions across the market, Polygon might fail to continue rising, though the impressive performance. Remember, further weakness in Ethereum and Bitcoin will drag Polygon lower despite the resilience during the 4 December crash.

Technical Indicators

  • Trading Volume

MATIC maintained high trading volume during the upsurge, but it is fading at the moment. A break beneath the ascending triangle might strengthen bears to push the alternative coin towards price correction.

  • Relative Strength Index

The daily Relative Strength Index has displayed a massive bearish divergence regardless of MATIC’s slight surge past $2.2. With that, buyers need to act with care as retracement might follow, with the divergence confirmation.

  • Moving Average Convergence Divergence

The daily Moving Average Convergence Divergence remains bearish, and Polygon can hardly rally until the MAs shift to uptrends.

MATIC Bias

For now, Polygon (MATIC) moves on a neutral bias. A break from the price pattern will change the narrative to bearish or bullish. Meanwhile, indicators show more bearish sentiments. However, the altcoin seems near its downtrend end. Correct catalysts in the global crypto space can catalyze an upswing for MATIC.

Near-Term Price Forecast

MATIC registered impressive price movements during December sessions. The altcoin’s price moved high even as the cryptocurrency industry endured deep falls. It might be lucrative if Polygon maintains this momentum. However, the overall cryptocurrency sentiments dim such hopes.

Bitcoin requires an upward move past $50,000 to support bullishness in the crypto spectrum. That would back upswings in alternative coins, including MATIC. Nevertheless, Polygon remains neutral while awaiting a massive price move.

You can share your thoughts in the reply area below.

By Postmodern Studio – shutterstock.com

Leave a Reply

Your email address will not be published.