MATIC Could Soon Set a New ATH as Bullish Chart Pattern Emerges

The price of Polygon (MATIC) climbed more than 1.1% over the past 24 hours. Subsequently, the altcoin was changing hands at $0.6324 at press time. This positive movement over the past day of trading was also enough for MATIC to earn the top spot on CoinMarketCap’s trending list. Meanwhile, technical indicators suggest that MATIC may be gearing up for a strong move.

Weekly chart for MATIC/USDT (Source: TradingView)

A symmetrical triangle has formed on the weekly chart for MATIC over the past few months. This specific chart pattern suggests that a breakout may be in the cards for the altcoin’s price in the medium term. If this breakout is towards the downside, then MATIC may look to retest the key support level at $0.3190.

On the other hand, a positive breakout could lead to MATIC establishing a new all-time high (ATH) in the following couple of months. A potential early confirmation of this bullish move could be when MATIC closes a weekly candle above $0.9220.

Thereafter, the cryptocurrency’s price could continue its ascent and potentially look to flip the $1.7995 resistance level into support. A break above this barrier will then clear a path for MATIC to rise to its previous ATH, which stands at $2.92.

Daily chart for MATIC/USDT (Source: TradingView)

From a shorter-term perspective, MATIC was attempting to overcome the $0.6830 threshold at press time. If it is able to close a daily candle above this price point, then it may have the foundation needed to rise to the subsequent resistance level at $0.8220 in the following 2 weeks.

On the other hand, if MATIC’s price gets rejected by the $0.6830 resistance level, then it may be at risk of dropping to the immediate support level. In this bearish scenario, MATIC’s value could fall to as low as $0.5540 in the following few days.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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