Polygon (MATIC) is set up for massive upward price action and has caught the eye of analysts and investors. Over the last week, MATIC has grown by almost 5%. In addition, the token is trading in an approximate horizontal channel within the medium-to-long term. The apparent result is investor indecision and a wait-and-see mode for clearer direction signals.
But a a breakout from this channel would be bullish and indicate gains, and breaking the same would be bearish. The currency is currently testing resistance at the $0.72 level. Historically, trading volumes have been on the higher side for price peaks and lower with respect to price troughs, supporting strength in the currency and suggesting a break out to the upside is more likely.
Polygon is trading at $0.711488 at the time of writing. The cryptocurrency has been trading at a volume of $415.27 million over the last 24 hours in circulation and currently stands at a market cap of $5.70 billion. Over the past day, the token has added about 0.19% in value to its price.
Analyst Eyes $1.30 For MATIC In the Coming Weeks
In a recent update, renowned crypto analyst World Of Charts expressed optimism regarding the future price performance of MATIC. The analyst pointed out a significant development in MATIC’s price action, indicating a potential solid recovery towards $1.30 in the coming weeks.
The breakthrough moment arrived as MATIC successfully exited a descending channel consolidation, a pattern that has been constraining its price movement. This event has sparked enthusiasm among investors and analysts alike, signaling a shift in sentiment towards the cryptocurrency.
Analyst Jonathan Carter also commented on MATIC’s price action, unveiling a precedent in market behavior that has been persisting for more than two years. The token has been within this massive triangle pattern, which analysts have read as an accumulation zone. This pattern implies investors have slowly added to their bags of MATIC tokens in the hopes of a bullish breakout.
Carter said patience was key when dealing with MATIC’s price actions and added that breakouts from such patterns may take time to materialize. Nevertheless, he remained optimistic about the cryptocurrency over the long run and indicated it could record significant gains once the breakout happened.
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