Polygon Could Hit $1.82 If MATIC Breaks Out From This Pattern

Trader Ali notes that Polygon’s MATIC token appears positioned for a significant bullish breakout from the boundaries of a symmetrical triangle pattern that has formed on its chart.

He advises traders to exercise patience and allow this technical setup to fully develop instead of jumping the gun. But once confirmed, the initial upside price target for MATIC is expected to be $1.25.

Moreover, Ali cites follow-on potential for a larger move to retest the $1.82 level if momentum remains strong post-breakout. This would represent a new high for Polygon.

Analyzing the chart formation, Ali sees clear converging trendlines connecting MATIC’s series of lower highs and higher lows—the textural characteristics of a symmetrical triangle. Typically, these patterns allow for consolidation within a trend before forcefully breaking out.

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And with Polygon still in firm uptrends across various timeframes, odds favor MATIC resolving bullishly upwards according to historically observed behavior.

So in summary, Ali highlights MATIC’s intriguing technical setup here while preaching patience for traders until the key levels are tested. If his analysis holds true, Polygon seems capable of delivering significant returns following a successful triangle breakout targeting $1.82.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.