Polygon Awaits Breakout of Two Week Triangle, Will MATIC Break $1.2?

• MATIC has revived substantially less than many alt-coins
• 100 MA has held price down for 3 weeks
• MATIC Price is nearing the end of a symmetrical triangle

MATIC Price had a wild bull run throughout the month of May. The gains that were seen far outpaced the other cryptocurrencies in its class. It was a so called late bloomer as many alt-coins had their parabolic run up far before MATIC. Although this was great at the time, MATIC has experienced a very weak downtrend ever since the top was set. Since the top, MATIC has fallen over 60% and has yet to start a strong revival. 

Polygon Price has formed a symmetrical triangle (green) since the low set of $0.93. This triangle has held the price for over two weeks and it is coming to an end in 2 days. Once polygon price breaks out, we can expect a large move accordingly.  A break to the downside will likely send MATIC back to $1.03 and a break to the upside will result in a push to $1.16-$1.22. 

MATIC Price Analysis: MATIC/USDT 4 Hour Chart

Before MATIC price is completely free, it must break and hold the 100 MA in addition to the top trend of the triangle. The 100 MA has acted as resistance for a long time as its held the price from starting an uptrend. If the bulls manage to break above these two marks, price will likely fight the major resistance found at $1.22. If this is deemed successful, the skies are clear for a large push to the 1st target and beyond.

The Relative Strength Index has been following a trend for nearly two weeks. As long as strength continues to stay above this, a breakout to the upside of the triangle is imminent. The MACD has recently resorted above the 0 value back into the bullish territory. A large consolidation has taken place which surely indicates a large move is soon to come.

MATIC price intraday levels 

• Spot rate: $1.11
• Trend: Neutral
• Volatility: Medium
• Support: $1.03
• Resistance: $1.16

About Author

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.