An altcoin trying to be one of the shining stars of the altcoin world wants to catch a rally that can double its price. Things have been going the way it wanted for a while, and it looks like this altcoin will ignite the rally after breaking through one last hurdle.
Polygon (MATIC) Its price has been oscillating between $2.21 and $1.76 for about ten days. if MATIC It is ready to ignite a rally that could increase its price by 100% if it breaks the $2.21 level and makes a one-day close. According to technical data, a daily close above $2.21 can make the price $4.
The price of MATIC created a big “buying pressure” on October 28 and after this pressure, it almost “broken down” two important obstacles, but MATIC It could not maintain this strong momentum for very long. The MATIC price, which lost its momentum, started to retreat and is waiting for a new surge to break the barriers in front of it by gaining momentum again. If MATIC picks up this momentum, it could trigger another strong rally.
MATIC Price Seeks “Surge”
MATIC price, June 7 It has since set three equally highs and three highs at $1.76. This technical formation is achieved by adding the distance between the initial high and low swing to the breakout point at $1.76. The value indicated by this technical formation is $4.32, which will be achieved with an average increase of 150%.
MATIC managed to overcome this barrier mentioned on October 28 and within 24 hours a 24% rally lived. However, this rally quickly lost its power and in the intervening nine days, it took back all the gains from the rally. MATIC is currently attempting to rise above a key support base of $1.76 and looks like it’s about to start a volatile move.
MATIC needs strength to break the $2.03 and $2.21 resistance barriers first to trigger this rise. If it catches this strength, the formation of a new all-time level could be observed and the price could go up to $4.32.
However, if the current consolidation does not find enough strength and daily closes below $1.76, then there may be selling pressure and the bullish thesis of the ascending triangle will be invalidated. The selling pressure that will occur in this move may pull the price up to $1.56.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.