- MATIC price prepares for a massive surge towards new ATH.
- The prevailing chart formation predicts a 21% upside move.
- Slicing past $2.43 would authorize the primary technical pattern and trigger the optimistic aim.
Polygon (MATIC) appears ready for a massive upward move towards a new peak amid an emerging bullish pattern. The primary technical setup projects a 21% increase to the ATH of $2.95. However, the alternative token has to surge past $2.43 to achieve the upside target.
Polygon Price Targets $2.95 Next
Polygon price printed a cup-handle formation on the four-hour chart, predicting a 21% upside price action to the new ATH at $2.95. Meanwhile, MATIC should break past the prevailing chart setup’s neckline at $2.43 to validate the bullish target.
The Arms Index currently suggests buyers exceed sellers in the marketplace, showing MATIC price might be ready for an uptrend.
Polygon’s initial resistance line will emerge after the altcoin slices past the neckline is 78.6% FIB retracement zone at $2.51. The alternative coin will encounter another hindrance at 127.2% FIB extension zone at $2.88, the level where the Momentum Reversal Indicator’s resistance line sits.
The cryptocurrency might also encounter an additional hurdle at the record peak of $2.92 before eyeing a new all-time high. Nevertheless, increased selling pressure will see MATIC discovering immediate support around the 61.8% FIB retracement zone at $2.38, then 200 4hr SMA near $2.35.
Additional defense lines might showcase at 21 4hr Simple Moving Average around the 100 4hr Simple Moving Average, which stands around the 50% retracement mark at $2.29. If the coin drops lower, support might appear near the 50 4Hr Simple Moving Average of $2.24, then 38.2% IB retracement zone of $2.19, matching the Momentum Reversal Indicator’s support line.
Nevertheless, market players need to beware that MATIC’s price falling beneath the final defense line will ruin the bullish prediction. For now, Polygon bulls contemplate a massive upward move, targeting new ATH levels. Nevertheless, broad market trends may be vital in MATIC’s directional bias.
What are your views on Polygon’s optimism? Will bulls succeed? You can comment below.
Editorial credit: Dennis Diatel / shutterstock.com
