MATIC price displays hopeful signs of a breakout as bulls aim for $2
- MATIC price is coiling within a supply zone
- A breakout and retest strategy could be a favorable trade setup
- Still, sliding below $1.38 will invalidate the bullish thesis
MATIC price is showing early signs that a breakout is near. Traders should keep their eye on Polygon and look for an entry when the opportunity arises.
MATIC price could break out soon
MATIC price is currently consolidating at $1.53 and is inches away from breaking past last week’s demand zone. An upthrust in Polygon price would free the digital asset from the bearish pressure and simultaneously appeal to traders looking for intraday opportunities.
The trade setup is quite classic. MATIC price must first break $1.56 so that traders can look for a retest of the demand zone. If so, MATIC price could likely soar to $2 under ideal market conditions.
The volume profile indicator could be an excellent tool for traders to join the future trend. The indicator is known to forecast moves further in advance.
MATIC/USDT 12-Hr Chart
Placing early entries is not worth the risk. Traders should wait for MATIC price to display final confirmation, as trend fake-outs are common in the crypto market.
The invalidation point for the bullish thesis is $1.38, just below the demand zone. If MATIC price were to fail to break out from the weekly high at $1.70e, the bears would likely send the digital asset towards $1.40 and potentially $1.30, representing a 15% correction from the current levels.
Author
FXStreet Team
FXStreet
