Polygon (MATIC) has recently captured significant attention in the crypto market, with analysts forecasting a potential bullish breakout from a symmetrical triangle pattern on the weekly timeframe. According to World Of Chart’s post, this technical setup indicates a substantial upward movement, potentially driving MATIC’s price to the $8-$10 range.
The chart provided by the analyst, spanning from mid-2020 to mid-2024, showcases the price action of MATIC against USDT on Binance. Notably, the chart depicts a symmetrical triangle pattern forming between mid-2021 and early 2024. This pattern is characterized by converging trendlines; the upper trendline is sloping downwards, while the lower trendline trends upward, indicating a period of consolidation and decreasing volatility.
In early 2024, a significant breakout from this pattern was observed, suggesting the end of the consolidation phase and the beginning of a new bullish trend. This breakout is a crucial indicator of a potential reversal in the market sentiment for MATIC.
MATIC experienced substantial growth starting in mid-2020, reaching a peak in mid-2021. Following this peak, the price entered a prolonged consolidation phase, forming the symmetrical triangle pattern. The breakout in early 2024 marks a pivotal moment, as the price surged, signaling strong bullish momentum.
The recent breakout has brought MATIC into the spotlight, with analysts predicting a massive bullish wave. A successful breakout from a symmetrical triangle pattern typically indicates a continuation of the previous trend, which in this case is bullish, potentially leading MATIC towards the $8-$10 range.
Decoding Market Signals: Is MATIC Set for a Bullish Breakout?While the chart does not display volume data, volume is typically crucial for confirming breakouts. A high volume during the breakout would further validate the strength of the upward movement, supporting the bullish outlook.
Historically, MATIC reached a significant peak in mid-2021, followed by a series of lower highs, reinforcing the formation of the symmetrical triangle. The recent price surge has broken previous resistance levels, suggesting a potential trend reversal and establishing new support levels.
As of today, MATIC is trading at $0.7293, with a 24-hour trading volume of $393,136,082.87. Despite a minor decline of -1.17% in the last 24 hours and a -1.27% decrease over the past 7 days, the market sentiment remains bullish following the recent breakout. MATIC’s circulating supply stands at 9.3 billion, giving it a market capitalization of $6,841,934,973.
