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.
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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.
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