Polygon’s MATIC About to Confirm Breakout from This 2-Year-Long Resistance; Ethereum to Rally If This Happens
Popular cryptocurrency analyst Rekt Capital recently tweeted two charts highlighting bullish setups for Polygon’s MATIC token and Ethereum’s ETH. These developments come as the broader crypto market shows signs of recovering from a painful bear market.
What you'll learn 👉
MATIC Looking to Confirm Major Breakout
The first chart shows MATIC in the process of retesting previous resistance turned support around the $0.70 level after breaking out two weeks ago. As Rekt Capital notes, “#MATIC is in the process of retesting the top of this macro market structure in an effort to confirm the breakout.”
A successful retest of support could confirm the breakout from the descending trend MATIC has been stuck in since January 2022. This would turn $0.70 into a new floor and open the door for prices to continue rallying potentially towards the next resistance around $1.40 in the coming weeks.
Ethereum Gearing Up for Upside Move
Rekt Capital’s second chart shows Ethereum poised for a sustained rally if the price can close decisively above $1,936 on the monthly chart. As he notes, this would indicate ETH is “finally ready to rally to the upside.”
Ethereum prices have consolidated in recent days around $1,900 and $2,000. But a monthly close above key resistance which according to Rekt capital is at $1,936 could be the catalyst for more upside. With signs of growing adoption and activity on the Ethereum network, conditions seem to favor the further appreciation of ETH price.
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The analysis and charts from Rekt Capital suggest both MATIC and ETH are positioned for major breakouts to the upside. If the price action confirms the bullish scenarios he outlines, Polygon and Ethereum could soon embark on their next leg-up as the crypto market recovery accelerates. Both are primed for big moves higher after weathering macro weakness in 2022.
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