- Polygon’s MATIC price has rallied 90% since the June 18 sell-off.
- MATIC price is rising impulsively with an uptick in volume.
- Invalidation of the bullish trend is a breach below $0.316 with contingencies (read below).
Polygon’s MATIC price could make a violent move higher. A bearish move from here will be quite surprising.
MATIC price could get volatile
Polygon’s MATIC price coils just below a triangular barrier that sent the digital asset into the low $0.30 zone during the third week of June. Since the low of $0.316, the bulls have managed to recover 90% of losses, trotting impulsively through the $0.30, $0.40, and $0.50 levels. On Monday, June 27, the MATIC price trades at $0.571 as a profit-taking consolidation ensues after the bulls briefly pierced the $0.60 cent barrier on the 8-hour chart.
MATIC price shows there could be a continuation of the uptrend to end the final week of June. The volume profile index signals an uptick in volume with a tapered effect as the current profit-taking consolidation pattern unfolds. Additionally, the Relative Strength Index has breached oversold territories, justifying the shallow pullback while providing bears a fair chance to close their orders and join the bulls. If the technicals are genuine, a second breach through $0.61 could trigger a bullish spike towards $1 in the coming days.
MATIC/USDT 8-Hour Chart
Ultimately, denial could be the catalyst to provoke an additional rally. If shorts are not removed in a timely fashion, a sharp spike through the triangle apex at $0.68 could ensue. An event that could force a highly problematic and volatile bullish environment for bears with less wiggle room to cover.
Invalidation of the bullish downtrend is a breach below $0.316 with one caveat. Traders looking to join the bullish bandwagon should wait for a breach above $0.61 to avoid being sucked into a time-consuming consolidation. It is imperative to remember that a hard stop should be placed below $0.31 as a retest of said price level could induce a seller's frenzy targeting the anticipated $0.20 level, resulting in a 65% decrease from the current MATIC price.
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.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: How to trap a hungry bear
The crypto market moves higher. Placing a countertrend short is still ill-advised. Higher targets remain possible for all assets. Bitcoin price tests the lower half of an ascending channel for the third time. Ethereum price continues displaying bearish divergence but underline market strength remains. Ripple price in a make-or-break situation.
How to prepare for a ballistic XRP price move
XRP flips bullish after tagging its primary support at $0.3600. The buyer congestion in this zone disrupted a potential drop to $0.3179. A glance at the technical outlook reveals that XRP price may close the day above $0.3800, with $0.4200 coming within reach.
This MATIC price prediction is so far the best trade of 2022
MATIC recent upswing is one of the best forecasted trade setups made this year. Here’s a full recap of what just took place. Polygon rallied 125% since July 1; FXStreet analysts were able to find an entry capturing 68% of the rally for an 85% increase in profit.
Shiba Inu price ready to explode after Ethereum whale scoops up 312 billion SHIB
Shiba Inu leaves competitor Dogecoin and layer-1 altcoins behind as it prepares to explode. Large wallet investors on the Ethereum network scooped up Shiba Inu, accumulating over 312 billion SHIB tokens.
Bitcoin: If bulls lose control here, BTC could revisit $21,000
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.