• MATIC price saw an impressive upswing that breached the $1.73 resistance barrier, triggering a bull rally.
  • Theoretical projections have Polygon ready to rally 150% and hit a target of $4.33.
  • A breakdown of the $1.47 support level will jeopardize the bullish thesis.

MATIC price is consolidating after a riveting upswing since October 12. The ascent is cooling off, hinting at a retest of a crucial support level. This could be the last time this Layer-2 token will retrace to the current levels as it is about to embark on a massive bull run.

MATIC price to enter tremendously optimistic phase

MATIC price set up roughly four equal highs around $1.73 and four higher lows since June 7. When these swing points are connected using trend lines, it reveals the formation of a five-month-long ascending triangle pattern. 

This technical formation forecasts a 150% upswing determined by adding the distance between the first swing high and swing low to the breakout point at $1.73. The resulting target puts MATIC price at $4.33. 

On October 26, MATIC price saw a massive burst in buying pressure leading to a 21% ascent that breached the ascending triangle’s base at $1.73. Since then, Polygon has retraced 16% to where it currently stands. This move will further strengthen the bullish thesis, and the resulting upswing is likely to produce a decisive daily close above $2.21, which will further confirm the start of a rally to $4.33.

MATIC/USDT 1-day chart

MATIC/USDT 1-day chart

On the other hand, if MATIC price fails to hold up above $1.73, it will signal a weakness among the buyers and suggest that Polygon is likely to reenter the ascending triangle pattern. However, a breakdown of the $1.46 support floor will create a lower low and invalidate the bullish thesis. In this case, Polygon could retest the $1.22 support level.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Dogecoin is a security and will be regulated, says Jim Cramer

The host of Mad Money, a CNBC show, issued a warning to Dogecoin holders. Cramer believes that Dogecoin is a security and it will be regulated soon. Analysts believe that the Dogecoin price could start an uptrend. 

More Dogecoin News

Shiba Inu price set to crash by 70% as critical support weakens

Shiba Inu (SHIB) price continues to be controlled by bears after the dead-cat bounce in stock markets yesterday evening. With the Nasdaq closing sharply lower, giving up earlier gains, cryptocurrencies are being dragged into a selloff on its coattails, and bearish headwinds  persist.

More Shiba Inu News

Chainlink price at make-or-break point while global markets tumble

Chainlink price has seen a massive collapse over the past five days, resulting in a retest of a crucial barrier. This downswing is not localized to the crypto markets and seems to originate on Wall Street after the Fed tightens the interest rates.

More Chainlink News

Bitcoin Weekly Forecast: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

More Bitcoin News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis