MATIC Bullish Breakout

Polygon (MATIC) appears to hit an uptrend, recovering from a slight downslide in the price over the last few days. The general cryptocurrency market has corrected itself on the likely steam emanating from a recent spike in Bitcoin, expected to improve the value of other digital assets like MATIC.

Having enjoyed spectacular resilience for over a month since dropping to a local low of around $0.59, MATIC survived an over 20% slash from its prices. Further, MATIC has continued to register very good signals, having gained around 7% during the previous week.

At the time of reporting, Polygon, in the CoinMarketCap ranking, was 18th and exchanging at $0.731174, posting a 24-hour trading volume of $515.68 million, with its market capitalization standing approximately at $5.85 billion. Breaking further down: over the past day, the price of MATIC has gone up by 0.76%.

Analyzing MATIC’s Bullish Pennant: A 32x Potential

Renowned cryptocurrency analyst Crypto Patel recently shared his optimistic outlook on the future price trajectory of MATIC, the native token of the Polygon network. Patel highlighted the impressive performance of MATIC following its initial bull flag breakout. This breakout, a key technical indicator signaling a strong upward trend, resulted in an astounding 89x return on investment.

Currently, Patel is closely monitoring the development of a bullish pennant on MATIC’s price chart. Similar to the bull flag, a bullish pennant indicates potential for a continuation of the upward trend. A breakout from this pattern could signal another significant price surge.

Based on his analysis, Patel speculates that MATIC could be on the brink of another substantial move, potentially yielding a 32x return. Such a move would significantly boost MATIC’s market value, attracting even more attention from investors and traders.

Patel outlined a potential roadmap for MATIC’s price targets, marking key milestones at $3, $5, $10, and ultimately $20. Each of these price points represents a significant achievement and a step closer to realizing the full potential Patel sees in MATIC.

Moreover, examining MATIC’s short-term price trajectory, Popular crypto analyst Ali Martinez shed light on its market movements. Martinez pointed out that MATIC has been trading in a parallel channel for the past month, which indicates a consolidation phase and possible accumulation for further movement.

Martinez has stated that a breakout above the $0.76 mark is important for Polygon’s upward movement. If this mark is crossed, it may trigger a 17% surge that will take the price of MATIC to around $0.88. This forecast has attracted the attention of traders and investors observing the digital currency for signs of this expected breakout.

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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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