Polygon’s native token MATIC has not been an exceptional performer so far in 2023, gaining about 30% year-to-date. However, according to crypto chartist World Of Charts, MATIC looks poised for a more substantial breakout in the coming weeks if a key support level holds.
What you'll learn 👉
MATIC Finally Breaking Out
World Of Charts first highlighted MATIC’s extremely bullish setup on January 15th, tweeting about how it had confirmed a major multi-year symmetrical triangle breakout:
“$Matic Finally Breakout Has Already Confirmed Expecting Massive Bullish Rally In Coming Weeks Send It Towards 5$”
This was when MATIC was trading around $1. After more than a 500% rally in 2021, MATIC had effectively gone sideways for all of 2022 stuck in this large triangle pattern World Of Charts identified. Its forceful January breakout from this triangle suggested the start of a new bull run targeting $5 in the near-term.
Retest of Breakout Underway
In a follow-up tweet on January 25th, World Of Charts noted that MATIC’s key breakout level near $1 was now likely to be retested:
“$Matic Multi Year Symmetrical Triangle Breakout Has Recently Confirmed Retest In Process Incase Of Successful Retest Expecting Massive Bullish Rally”
This retest would offer confirmation that the breakout is legitimate and has enough momentum to propel much higher.
Crucial Support Must Hold
From his chart analysis, World Of Charts suggested this support level lies around $0.95. With MATIC currently trading right around that zone, it appears the retest is now underway.
If the $0.95 level can hold firm as support, World Of Charts expects a massive bullish MATIC price rally targeting $5 in the coming weeks. That would represent over a 300% gain from current levels.
So in essence, MATIC finds itself at a make-or-break level that will greatly impact its multi-month outlook. A successful retest confirming the triangle breakout could be the starting gun for the next leg dramatically higher. Cryptocurrencies are well known for their swift and severe price moves, so traders will be carefully eyeing how MATIC handles this crucial support test.
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