cryptonewsland.com
- MATIC’s on the verge of a breakout from a symmetrical triangle, eyeing a major rally.
- The coin surged 19% in 24 hours, aiming for $0.96 for a $1.73 target.
- MATIC reclaimed $1, up 34% in a week, trailing only Solana in the top 20 gains.
Polygon (MATIC) appears poised for an imminent breakout from a symmetrical triangle pattern, according to a crypto analyst closely monitoring its price movements.
This pattern, characterized by converging trendlines with similar inclines, often indicates an impending significant price movement. Recent analysis suggests that MATIC’s breakout could signal a substantial rally in the near term.
In the last 24 hours, Polygon experienced a remarkable surge of 19%, bringing it tantalizingly close to breaching the critical level of $0.96. Analysts have set their sights on a potential target of $1.73 should Polygon confirm the breakout from this symmetrical triangle pattern. This bullish prediction is supported by the current upward momentum and a sustained weekly candlestick close above the $0.96 mark.
Source: ali_charts
What further fuels the optimism surrounding MATIC is its recent achievement of reclaiming the $1 level, a milestone not seen since April. This resurgence has propelled Polygon’s price upwards by a remarkable 34% in just a week, showcasing its strength in the crypto market.
Among the top cryptocurrencies by market capitalization, Polygon’s upward surge is second only to Solana (SOL), which registered around a 47% increase in the same timeframe. The burgeoning momentum exhibited by Polygon raises anticipation among traders and investors. Should MATIC continue its upward trajectory, it would confirm the symmetrical triangle breakout, potentially setting the stage for a more significant surge in the cryptocurrency’s value.