Polygon (MATIC) is on ‘The Verge of a Massive Triangle Breakout,’ Analyst Shares Nearest Support
According to prominent crypto trader Captain Faibik, Polygon’s native token MATIC is on the verge “of a Massive Triangle Breakout on the Macro timeframe chart.” A decisive breakout could mark the start of a new bull run in MATIC’s price.
Indeed, MATIC does appear to be approaching an inflection point, according to analysis by altFINS. MATIC has formed a sideways channel between $0.75 and $1.00 on the daily timeframe.
This marks a zone of uncertainty, with the price rejecting moves above $1.00 resistance on multiple occasions over the past month.
altFINS notes that a “breakout from the Channel, above $1.00 resistance, could clear the way for price to revisit $1.25 next.” That would represent a 25% move from current levels and align with Captain Faibik’s triangle breakout thesis.
On the other hand, failing to overcome the $1.00 hurdle could see bearish momentum resume. MATIC showing weakness at channel support around $0.75 would pressure prices back towards the $0.60 level and the 200-day moving average near $0.67.
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Show more +So in summary, MATIC appears to be approaching an inflection point at the upper boundary of its recent trading range. The bullish scenario is a breakout above the $1.00 resistance on improving momentum.
But MATIC has struggled to build upside traction in recent weeks. Fading at $1.00 resistance again could open the door for a retest of the 200-day MA near $0.67. Traders will be closely watching to see whether MATIC can finally overcome its near-term hurdles for a bullish upside breakout.
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