Polygon Weekly Price Is On The Verge Of Breaking Out Of A Symmetrical Triangle
An analyst recently discussed how Polygon (MATIC) is showing signs of breaking out of a symmetrical triangle pattern. This breakout, if confirmed, could lead to a significant rally.
In a recent post on X, analyst Ali provided insights into a pattern forming in the weekly price of MATIC known as the “symmetrical triangle.”
This technical pattern resembles a triangle, with two main trendlines – the upper one connecting a series of tops and the lower one joining bottoms. The incline of both trendlines is approximately the same, giving the pattern its “symmetrical” name.
Unlike other triangle patterns like ascending and descending triangles, the symmetrical triangle has both trendlines at a slope, with no horizontal movement.
Typically, in such patterns, the upper trendline acts as resistance, while the lower one provides support. Breaks above or below these levels can signal a continuation of the trend in that direction.
According to Ali, Polygon’s weekly price has been on the verge of breaking out of the symmetrical triangle, as indicated in the chart below:
As shown in the chart, Polygon’s weekly price has surged towards the upper trendline of the symmetrical triangle pattern, attempting to break out. Ali explains, “A sustained weekly candlestick close above $0.96 could propel MATIC towards $1.73.”
Currently, Polygon seems to be confirming this breakout, with its price rising over 19% in the last 24 hours. If the breakout holds, MATIC would need to rally another 66% from the current price to reach Ali’s target.
MATIC Has Surpassed The $1 Level For The First Time Since April
Polygon has experienced strong bullish momentum, reclaiming the $1 level for the first time since April. In the past week, MATIC’s price has increased by over 34%, outperforming most cryptocurrencies in the top 20 market cap list, with Solana (SOL) being the only one showing better returns at about 47%.
It remains uncertain whether MATIC can sustain this rally, but a confirmed symmetrical triangle breakout could potentially lead to further surges.
