Price Analysis

MATIC Price Showcasing Huge Bullish Tendency, Will it Break the Crucial Resistance At $2.5?

Written by: Sahana Vibhute

Written by right arrow

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.

  • author facebook
  • author twitter
  • linkedin

Dec 20, 2021

news-image
Highlights

    MATIC price flipped much above the support levels and is testing one of the important resistance levels just above $2.1

    The asset could yet again test the lower support levels before breaking through the consolidation and range high to test the next crucial levels

With the start of the new week, the crypto space appears to have flipped from the bearish divergence. Interestingly, the dominant cryptos like Bitcoin and Ethereum are attempting to bounce from the consolidation while the few altcoins have initiated with the uptrend. Among the top gainers is Polygon(MATIC) which is ranging high and is testing the upper resistance levels. Yet a small pullback can be expected before the bull rally begins.

Advertisement

The MATIC price ever since ranged high to record the monthly highs close to $2.6 fell into bearish divergence. However, despite the downtrend, yet the asset maintained the support levels and hovered along the uptrend line since the beginning of the current month. However, the asset needs to reach the apex of the symmetrical triangle yet and hence a small pullback could be fast approaching soon. 

  • The MATIC price is hovering within a symmetrical triangle, where the apex of the triangle is still pretty much distinct
  • A short pullback is pretty much possible as the asset from the past couple of hours is attempting to clear the immediate resistance levels at $2.2 but failed at the press time
  • The possibilities of the price hitting the lower support levels just below $2 are pretty high but it may be just a short-lived one
  • The buying volume appears to be within the decent levels and hence the uptrend could continue throughout the weekend yet reaching the important resistance levels could be still misty

Collectively, MATIC price appears to be poised to undergo a notable uptrend throughout the weekend. While the entire market sentiments go bullish, Polygon price could also rally up quickly absorbing the sentiments without wasting much time. And eventually head towards the next target and close the yearly target somewhere around $2.5.

Show More

Was this writing helpful? myImage dislikeimage

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.

Related Articles

Back to top button