How crypto bulls aim to besiege Polygon’s MATIC price
- MATIC price is following the technicals from last week’s bullish thesis.
- Polygon bulls have shown up with retaliative force.
- Invalidation of the uptrend is a breach below $0.55.
MATIC price is one of the few cryptocurrencies still displaying easy entry signals for traders and savvy investors. Keep the Polygon Networks’ token on your watchlist to take advantage of profitable opportunities.
MATIC price aims for retaliation
MATIC price starts this week with bullish optimism as the Polygon Network’s Ethereum solution coin is up 10% since last week’s closing price of $0.598. If the bulls maintain momentum, prices could continue rising towards the $0.75 zone.
MATIC price currently trades at $0.647, within a tight consolidative candle on the 4-hour chart. The bulls have produced two large bullish engulfing candles out from the $0.60 range, which perfectly aligns with the bullish trade setup forecasted in last week’s thesis.
MATIC/USDT 4-Hour Chart
MATIC price new-found bullish interest comes as no surprise as the bulls have attempted to besiege the digital asset several times this month. The failure to push MATIC price below $0.55 on the weekly chart is a subtle, yet significant enough signal for sidelined investors to begin dice-shooting risk capital.
Invalidation of the uptrend scenario will remain a breach below $0.55. If the bears can accomplish said price action, the next target will be $0.495 resulting in a 23% decline from the current MATIC price
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
