MATIC Price Forecast: Polygon is on the brink of colossal move
- MATIC price is bounded inside a symmetrical triangle pattern on the 12-hour chart.
- The digital asset needs to crack a key resistance level before a massive 37% breakout.
- The number of whales has continued to increase for MATIC, increasing buying pressure.
Polygon has been trading inside a tightening pattern for the past month and seems ready for a significant breakout as whales have gone into a buying frenzy for the past three weeks.
MATIC price is one barrier away from $0.51
On the 12-hour chart, MATIC has established a symmetrical triangle pattern with its resistance trendline formed at $0.374. A breakout above this critical point will drive MATIC price towards $0.51. A 37% move calculated using the maximum height of the pattern as a reference point.
MATIC/USD 12-hour chart
This breakout seems likely thanks to a significant spike in the number of whales. Since March 10, the amount of whales holding 10,000,000 or more MATIC coins increased from 31 to 62 and remains in an uptrend.
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MATIC Holders Distribution chart
Nonetheless, a rejection from the upper boundary of the pattern at $0.374 would be bearish and has the potential to drive Polygon down to the lower trendline of the symmetrical triangle currently established at $0.30. It's important to note that a breakdown below this point will push MATIC towards $0.20.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
