These Key Metrics Suggest Polygon’s MATIC Could Soon Set New Highs as Bulls Target Potential 200% Surge
Polygon (Matic) has shown signs of a potential bullish breakout in recent weeks, leading some crypto analysts to suggest now is the time to go long on the Ethereum scaling solution. Let’s examine some of the key technical factors that point to a rally.
Breaking Key Resistance
As MayorOfMatic recently stated on Twitter: “$MATIC if ur not long, ur wrong. Don’t @ me.”
His analysis shows that MATIC has been trading within a triangle pattern since 2021, which has served as both support and resistance. The price finally managed to break decisively above the top of this triangle at around $0.97 and is now retesting it. Many bulls will be hoping that this previously broken resistance will now turn into support.
With this breakout, we can expect a potential bull drive toward the top of the current price channel, which is around $2.9, which will be close to a 200% pump from the current level. This level also happens to be Polygon’s all-time high price reached in the last bull cycle. Many bulls also expect MATIC to eventually break through this overhead resistance
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Show more +RSI Showing Bullish Momentum
The relative strength index (RSI) currently reads 60 on the daily chart. Firstly, being above 50 indicates that the bulls are in control. And being well below the overbought zone signals the buyers still have room to push prices higher.
Moving Averages Aligning for Uptrend
The crucial 50-day and 200-day simple moving averages are also beginning to slope upwards after holding as support following the breakout. This suggests we could be at the beginning stages of a new medium to long-term uptrend.
Conclusion
With Polygon breaking out from key resistance after an extended consolidation period, combined with improving momentum and moving average support, a bullish rally appears to be in the cards. As MayorOfMatic declared, not being long MATIC right now could be the wrong move. If the breakout holds, Polygon looks ready to leave the 2023 and 2024 lows firmly behind it and reward patient bulls.
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