Price Analysis

Polygon(MATIC) Price Primed for a Bullish Breakout With 25% Upswing in Couple of Days

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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Dec 8, 2021

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Highlights

    Matic price after a prolonged period is yet again preparing itself to undergo a gigantic rally

    The asset ever since the steep slash in May is undergoing calculative higher highs and lows in order to form a new ATH beyond $3

The mammoth rally of Polygon in early 2021 is still unprocessed, while the asset is set to create yet another one. The MATIC price rose slowly until it reached $2, coiled up heavily, and was on the verge to hit the important levels at $2.5. These levels could certify the uptrend that would range beyond $3 slicing through the current ATH around $2.8.

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The MATIC price rally approaching the ATH within a small stipulated time may reignite the bull run of numerous altcoins. Today, BitTorrent price ranged high breaking the huge downtrend line and heading towards its local resistance. The immense buying pressure raised the price breaking the ‘W-shaped’ pattern in the early trading hours. 

One of the popular analyst believes the $3 mark is around the corner and the MATIC price may achieve it very soon. 

As per the chart posted by the analyst, the MACD previously made its bullish cross formation at a lower frame each time before. However, currently, the bullish cross formation on every higher low contact on the channel is up with the most recent being in the last week of November. And interestingly, this type of cross signifies the beginning of a new rally. 

The uptrend diverging line is based on higher highs and has an upside limit currently between $2.6 to $2.7. And if these levels are tested and cleared successfully, then $3 levels could be imminent which is slightly below the 2.5 FIB retracement levels. Moreover, the MATIC price has been above the support levels along with the 100-day MA in the daily chart since November 16 and 200-day MA since July 20. And based on these MACD levels, a strong 1-month rally may begin very soon. 

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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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