Home » Journal » Why is Polygon (MATIC) Price Up? Analyst Says a Close Above This Level Could Push it to $1.73

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Why is Polygon (MATIC) Price Up? Analyst Says a Close Above This Level Could Push it to $1.73

Temitope Olatunji

December 27, 2023

Ali notes that a sustained weekly close for MATIC above diagonal triangle resistance, currently around $0.96, opens the door for an advance toward $1.73.

As covered in the technical analysis by altFINS, MATIC trades within the symmetrical triangle following its breakout from a range between $0.50 and $0.60 earlier this year. That initial move confirmed a trend reversal from bearish to bullish across timeframes.

Now, with MATIC appearing to complete a healthy consolidation after briefly peaking near $1.00, an upside resolution approaches with the token pressing against triangle resistance. While often continuation patterns, symmetrical triangles still require decisive breaks before confirming the resumed prevailing trend—in this case, pointing up.

Hence MATIC bulls keenly await a weekly candle end above $0.96 before expecting the rally to Ignite to nearly double where Polygon trades currently. A move of that magnitude would take it very close to eclipsing its former all-time high around $2.70 in December 2021. It would also represent gains of over 250% from mid-2023 lows below $0.30.

Source: altFINS – Start using it today

With layer-2 solutions like Polygon benefiting disproportionately from Ethereum’s ascent, a sea of green likely awaits MATIC if its technical picture strengthens at this key inflection point.

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