Polygon (MATIC) Price Analysis: Bullish Breakout Sets Stage for 30% Rally – Here’s Why

Polygon’s MATIC token has been consolidating over the past 24 hours, with prices not exhibiting significant movements. However, the cryptocurrency has maintained a strong foothold above the $1.15 level, reflecting the resilience of the broader uptrend.

Despite the recent sideways price action, MATIC has managed to eke out gains of around 5% over the past week, indicating sustained buying interest from market participants. As the token continues to trade above this crucial support, analysts are closely watching for potential breakouts that could reignite the next leg of the upward trajectory.

altFINS reported that the bullish breakout from a Sideways Channel between $0.75 and $1.05 signals the resumption of an Uptrend and could clear the way for the price to revisit $1.25, representing an upside potential of around 25%. The price is currently retesting that breakout level, and traders are advised to set a stop loss at $0.88, just below the prior swing low, and set a price alert.

Source: altFINS – Start using it today

Pattern-wise, MATIC was trading in a Sideways Channel, which is a neutral pattern indicating market indecision. Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range by buying near the Support and selling near the Resistance.

The trend across all time horizons (Short-, Medium-, and Long-Term) is an Uptrend, and the Momentum is Bullish, with the MACD Line above the MACD Signal Line and the RSI above 55.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

The nearest Support Zone is $1.00 – $1.05, followed by $0.75, while the nearest Resistance Zone is $1.25, with the next target set at $1.50.

To sum it up, Polygon’s MATIC has shown strength by breaking out from a Sideways Channel, signaling a resumption of its Uptrend. With a bullish momentum and an Uptrend across all time frames, the path of least resistance seems to be upward.

If MATIC can clear the immediate resistance at $1.25, the next target could be $1.5, representing a potential upside of around 30% from the current levels. Traders should keep a close eye on the $0.88 level as a stop loss and set price alerts for the key levels mentioned above.

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

CaptainAltcoin
Logo