Price Analysis

Bullish Consolidation On MATIC Price, Will Polygon Hit $2 Today?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 17, 2021

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Highlights

    MATIC price which is currently trending close to $1.5 could receive a major boost to rally above $2 very soon

    A hidden bullish divergence on the 12-hour chart is playing out which could get some equal highs

Matic price currently appearing in a very strong position could climb high to hit the upper levels very soon. The indicators are also pretty well placed that point out towards the upcoming bullish trend which could uplift the price above $2. However, a couple of pullbacks could appear yet the Polygon price rally could continue beyond $2. 

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The price received an immense boost a couple of days before as it rallied near 25% within 24 hours. But it quickly entered a healthy consolidation forming lower lows and highs, trending within an ascending channel. 

Also Read: Here’s The Next Major Target Levels For Ethereum (ETH), Chainlink (LINK), and Polygon (MATIC)

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Considering the trade in the past 7 days where-in the price trended within the parallel channel, it formed a ‘W-shaped’ pattern. As it broke the pattern, the price rallied nearly 10%, jumping from the middle of the channel to hi the upper band. Currently, the price is again forming a similar pattern in the hourly chart and attempting to break the neckline. 

With the successful breakout from the neckline, Polygon price could propel yet another 10% to fly high above $1.65 levels. The indicators are strong as the RSI is inculcating an uptrend and the MACD also signals a bullish divergence. The trading volume also has grown offlet with a negligible selling volume. Hence MATIC price can ultimately break the $2 very soon and march ahead towards the yearly target above $5. 

Also Read: Will Polygon Still Thrive After ETH 2.0? Is This Good Time to Buy MATIC ?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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