Polygon’s MATIC Could Spike Over 200% If This Key Resistance Breaks

Crypto analyst Crypto Rover recently tweeted that he believes a major breakout is coming soon for Polygon’s MATIC token. Crypto Rover noted that MATIC is currently his 4th largest portfolio holding and stated “Send it!” regarding the token’s potential.

Crypto Rover’s accompanying chart analysis shows MATIC trading within a symmetrical triangle pattern, which is descending from the top and ascending from the bottom. As this pattern grows tighter, Crypto Rover expects a significant breakout is close, with the key resistance level around $0.9 on the weekly timeframe.

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270% Price Spike Possible With Breakout

If MATIC can break through the descending channel resistance around $0.9, Crypto Rover sees a spike to the top of the channel near $2.9 as possible. With MATIC currently trading around $0.78, this would represent an increase of over 270%.

This bullish outlook is supported by analyst Michaël van de Poppe, who tweeted that the total altcoin market capitalization could climb 50-80% in the next few months. As money continues flowing into the altcoin market, MATIC could benefit significantly if it breaks key overhead resistance levels

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.