MATIC Cryptocurrency Targets $2 Amid Bullish Indicators
The Key Points in Brief
The cryptocurrency MATIC is on the verge of breaking out of a bullish pattern, with $2 being the next target. Despite a generally bullish crypto market, the daily chart of Polygon [MATIC] shows a reddish hue, indicating an impending breakout.
Is MATIC on the way to $2?
According to CoinMarketCap, MATIC is trading at $1.05 at the time of reporting, with a market capitalization of over $10 billion. The sluggish price action also affects the market sentiment. It has been reported that the token’s weighted sentiment has dropped, suggesting a bearish mood in the market.
Positive signs despite bearish sentiment
Despite the overall bearish sentiment, there is good news as the token’s price is in a bullish pattern at the time of the press. According to a recent tweet from Captain Faibik, the price of MATIC is on the verge of breaking out of a bullish triangle pattern, which could enable it to reach the $2 mark in the coming weeks.
Resistance zones on the way to $2
In a utopian situation, MATIC could encounter resistance in some zones before reaching the $2 mark. An analysis of data from Hyblock Capital revealed that MATIC’s liquidation will significantly increase when its value reaches $1.08. High liquidation during an uptrend is often followed by price corrections. Therefore, MATIC must overcome this hurdle to reach $2.
Our Assessment
To better understand whether the altcoin will be able to start a bull rally, we looked at its daily chart. Our analysis suggests that the price of Polygon is in a zone of high volatility, as indicated by the Bollinger Bands. Its MACD also shows advantages for buyers in the market. Another bullish indicator is MATIC’s Chaikin Money Flow (CMF), which shows an upward trend, suggesting that the chances of a price increase at this time are high. However, the Relative Strength Index (RSI) indicates a downward trend, suggesting that investors may have to wait longer to see MATIC at $2.
Sources:
CoinMarketCap, Hyblock Capital, TradingView, Captain Faibik on Twitter.
| Symbol | MATIC |
| Coin type | Alt Coin |
| Transaction Speed | High |
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