Created to solve the scaling problems in Ethereum, the Ethereum-based platform Polygon caught the eye with its rise in 2021.
Formerly known as MATIC, the platform was launched in October 2017 and enjoyed its golden age in 2021.
Because we see that Matic, which was traded at $ 0.018 on January 1, 2021, is currently approaching the $ 3 limit. This means that it has experienced an increase of 15230% in 1 year.
Technically speaking, the summit on May 18 MATIC, which closed 4 days above its closing Looks like he wants to move on.
Despite the withdrawal in Bitcoin today, the technical view in MATIC, which is traded at a premium of 7%, is as follows;
As can be seen, the upward breakout and retest of a large ascending triangle has been accomplished successfully. At this point, we can expect more bullishness to come as the height of the giant triangle. However, it should not be forgotten that this is a medium-term goal.
As long as the $2.44 level is maintained, our ascending triangle pattern target will be $4.26.
The green shaded area on the chart should be stopped at the close of 4 hours. Because at this point, we can see that the price is withdrawn to the $1.90 levels to gather strength again. As long as we stay on the green area, the formation target can be expected.
*Not Investment Advice.