Polygon’s MATIC Nears Critical 3-Year Resistance Level: A Make-or-Break Point for Its Next Major Direction
Crypto Rover, a crypto trader, predicts that MATIC is about to break out of a 3-year consolidation phase. According to Crypto Rover’s chart, the price has hit resistance three times in the past and is now approaching a fourth touch. A break above the $1.00 resistance line will make bulls more confident and push the price further upward. However, if the resistance holds, it may spell a major fall for the price of MATIC.
AltFINS Analysis Shows Sideways Trading and Possible Breakout
Crypto analytics firm AltFINS also analyzed MATIC’s price action. According to AltFINS, the price is trading in a Sideways Channel between $0.75 and $1.00. For trend traders, AltFINS recommends waiting for a breakout above the $1.00 resistance before entering new long positions, as this could open the way for the price to revisit $1.25.
Swing traders can trade the channel by buying near channel support around $0.70-$0.75 and selling near the $1.00 resistance for a potential 35% gain. AltFINS suggests a stop loss just below the 200-day moving average and prior swing low around $0.67.
AltFINS notes the short and medium term uptrend is intact, but the long term trend remains neutral. The analysts suggest a decisive break above the 3-year resistance level is needed to shift the long term trend to firmly bullish.
You may also be interested in:
- Has Bitcoin’s 4-Year Cycle Been Broken? A Closer Look Says No as BTC Price Faces Crucial Test
- Why Is SUN Coin Price Pumping?
- BONK Outperforming Shiba Inu (SHIB) as New Memecoin Rebel Satoshi ($RBLZ) Starts To Gain Investor’s Attention
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
