Price Movement Overview
The price of Polygon (MATIC) exhibited a notable increase, surging by more than 1.1% over the past 24 hours and reaching $0.6324 at press time.
Symmetrical Triangle Formation
On MATIC’s weekly chart, a symmetrical triangle pattern has emerged, indicating a potential breakout in the medium term. This pattern suggests significant price movement, with the possibility of a downside retest at the key support level of $0.3190 in case of a bearish breakout.
Potential All-Time High (ATH)
If a positive breakout occurs, leading to a weekly candle closing above $0.9220, MATIC might establish a new all-time high (ATH). Further upward momentum could push the price to challenge the $1.7995 resistance level. Surpassing this barrier could pave the way for MATIC to reach its previous ATH of $2.92.
Short-Term Resistance and Support Levels
From a shorter-term perspective, MATIC is currently striving to overcome the $0.6830 threshold. A successful daily candle close above this level could provide a strong foundation for the altcoin to rise towards the subsequent resistance at $0.8220 within the next two weeks.
However, if the price faces rejection at the $0.6830 resistance, MATIC may experience a decline towards the immediate support level, potentially dropping to as low as $0.5540 in the coming days.
Conclusion
In summary, MATIC’s recent price movements and the formation of the symmetrical triangle pattern on the weekly chart indicate the potential for a significant price breakout. Traders are advised to monitor key levels closely, especially the $0.6830 resistance and the $0.3190 support, to make informed decisions in the evolving market.
