Polygon (MATIC) Price Surges with Strong Breakout – Unveiling the Next Target
The price of Polygon (MATIC) has broken above a significant resistance zone and confirmed it as support. It is expected to continue rising in the near future.
Breaking Important Resistance
Polygon (MATIC) formed a bullish engulfing pattern at the $0.5 support level during the week of October 16 to 22 (green ellipse). This is a bullish pattern, signaling a comeback for the bulls.
Indeed, the MATIC price has risen since then and broke above the crucial $0.75 resistance zone with a large bullish candle in the four weeks that followed. Last week, the price successfully confirmed this zone as support (green arrow), marking the continuation of the upward trend.
The weekly RSI (Relative Strength Index) is above 50 and sloping upward, supporting further upward movement.
If the upward trend continues, the significant resistance zone to watch is $1.53. This figure is 56.57% higher than the current price.
The daily chart shows that the MATIC price broke above the $0.95 resistance zone on December 26. Currently, the price is in the process of confirming this zone as support (green arrow).
If successful, it will confirm the breakout and demonstrate the continuation of the upward trend.
The daily RSI has broken above the descending resistance line and is above 50, indicating that the bulls are controlling the market.
Therefore, there is a possibility that the MATIC price will successfully confirm the $0.95 zone as support and rise to the next resistance zone at $1.2.
The most likely scenario suggests that the MATIC price will continue to rise in the near future. The immediate target is $1.2, with further potential to reach $1.53.
The upward momentum will be lost if the MATIC price breaks below the $0.95 zone. In that case, it could decrease to the $0.84 zone.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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