Why MATIC price could soon see a meteoric rise toward the round level of $4


  • MATIC price is preparing for a 62% surge toward $3.84 following its swift recovery.
  • The bulls are eyeing a massive rally for Polygon as it targets to set a new record high.
  • MATIC must sustain above $2.24 in order for the optimistic target to be reached. 

MATIC price appears to be ready for a major upswing toward $3.84 as Polygon presented a bullish chart pattern on the daily chart. The governing technical pattern suggests that the layer-2 token is preparing for a 62% climb.

MATIC price gears up for 62% ascent

MATIC price has formed an ascending triangle on the daily chart, presenting a bullish target at $3.84, a 72% climb from the upper boundary of the governing technical pattern. 

On December 7, MATIC price sliced above the topside trend line of the prevailing chart pattern, validating the bullish outlook. However, Polygon may face a few obstacles ahead before reaching the optimistic target.

The first hurdle appears at the May 26 high at $2.44, then at the all-time high at $2.70. MATIC price may face headwind at the 127.2% Fibonacci extension level at $3.25, before reaching the bullish target at $3.84. Bigger aspirations may even target the 161.8% Fibonacci extension level at $3.96.

However, in order for the prevailing chart pattern to be robust, MATIC price must sustain above $2.24, the upper boundary of the triangle that acts as the first line of defense for Polygon, coinciding with the 78.6% Fibonacci retracement level.

MATIC

MATIC/USDT daily chart

MATIC price may discover an additional foothold at the 21-day Simple Moving Average (SMA) at $1.89, which intersects with the 61.8% Fibonacci retracement level. If selling pressure were to increase, Polygon may drop toward the 50-day SMA at $1.81, then toward the lower boundary of the triangle at $1.65, which sits near the 50% retracement level.

Investors should note that dropping below the aforementioned foothold may spell trouble for the bulls, as Polygon would be losing a critical multi-month support trend line, and the bullish forecast may be voided.

 

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

Largest DeFi exploit of 2022 wipes out $80 million from Qubit's Ethereum-BSC bridge

Ethereum-BSC bridge of Qubit Finance suffered a hack to the tune of $80 million in the largest DeFi exploit of 2022. Hackers exploited the "deposit" function to steal cryptocurrencies from Qubit Finance. 

More Ethereum News

Decentraland bulls go against the bearish trend, targeting $2.60

Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out  28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level.

More Decentraland News

Charles Hoskinson awaits launch of Vaccuumlabs DEX on the Cardano network

Cardano network activity hit a peak with a spike in transactions on the network. Charles Hoskinson, the CEO of IOHK, is awaiting the launch of Vaccuumlab's DEX on the Cardano network. 

More Cardano News

Why Bitcoin has entered a new bear market

Bitcoin price has tumbled to a multi-month low below $33,000, as the leading cryptocurrency loses 50% of its value from its all-time high in November 2021. This marks the second-worst sell-off since the bear market that spanned from 2018 to 2020. 

More Bitcoin News

Bitcoin: Federal Reserve cannot tame BTC’s uptrend

Bitcoin experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed’s decision was announced. As losses have extended and Bitcoin has entered into the $30,000 zone, concerns regarding BTC being in a bear market have increased.

Read full analysis

BTC

ETH

XRP