- MATIC price prepares a 62% upward move to $3.84 after its quick recovery.
- The bulls prepare a massive Polygon rally as they target another record high.
- MATIC has to sustain beyond $2.24 to reach its optimistic target.
Polygon (MATIC) price seems ready for a colossal upsurge to levels at $3.84. The altcoin displayed a bullish pattern on the daily price chart. The primary technical formation indicates that this Layer2 token prepares a 62% upswing.
MATIC Price Prepares a 62% Ascent
The daily chart shows MATIC price created an ascending triangle. With that, Polygon has its new bullish target near $3.84, a 72% surge from the primary technical formation’s upper boundary. On 7 December, Polygon price surged past the prevailing chart pattern’s top trend-line. That validated the asset’s bullish outlook. Nevertheless, MATIC might encounter some hurdles before attaining its optimistic target.
The initial obstacle emerges around the 26 May peak of $2.44, then the ATH near $2.71. Moreover, Polygon can encounter a headwind around 127.2% FIB extension level near $3.25 before attaining the bullish aim at $3.84. Further aspirations might even tag 161.8% FIB extension zone at $3.96.
Nevertheless, MATIC must maintain above $2.24, the triangle upper boundary that serves as the initial defense line for MATIC, for a robust chart pattern. This level coincides with the 78.6% FIB retracement level.
MATIC price might secure additional support near 21-day SMA at $1.89. This value area intersects with the 61.8% FIB retracement zone. MATIC might plummet to the 50-day Simple Moving Average at 50% retracement area with surged selling pressure.
Any move by Polygon to dip beneath the foothold mentioned above might mean more challenges for bulls. That is because MATIC would lose a vital multi-month foothold trend-line, voiding the bullish prediction.
Meanwhile, analysts see MATIC providing a buying opportunity before exploring the $4 levels. Dip-buyers might have to watch the alt’s actions for lucrative entry points. Nevertheless, Polygon might need broad market support for higher highs. MATIC can secure momentum to hit levels above its ATH as the crypto market sees an improved bullish mood.
You can share this analysis with other crypto fans.
By FellowNeko – shutterstock.com
