MATIC price saw a significant increase in buying pressure on Oct. 28 and shattered two key hurdles, but this rise could not be sustained. As a result, the price has pulled back and awaits another injection of volatility to break through the hurdles. Akash Girimath, whose analysis we will take a look at, thinks that this move will take second-tier altcoin projects to new heights. Details cryptocoin.com‘in.
Altcoin MATIC seeks volatility
MATIC price has formed three equal highs and HL levels at $1.76 since June 7. This technical formation marks $150 to $4.32, which is achieved by adding the distance between the initial swing high and low to the breakout point at $1.76. Also, MATIC price broke through the aforementioned barrier on October 28 and rallied 24% in one day. However, Polygon bulls lost their appeal and returned almost all of the gains over the course of nine days. Now, MATIC price is rising just above the $1.76 support base, indicating a volatile move is on the way.
To trigger the rise, MATIC price needs to have enough fuel to clear the $2.03 and $2.21 resistance barriers. Doing so will allow MATIC price to start an upward move of around 100% pushing it towards the ATH level of $4.32.
If the currently occurring consolidation results in increased selling pressure that pushes MATIC price to break towards $1.76 and form a daily close below it, it will invalidate the bullish thesis of the ascending triangle. Subsequently, it will likely trigger panic selling and push MATIC price down to the next support floor at $1.56.
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