Polygon Price Prediction: MATIC Nurtures Uptrend Ahead of Massive Explosion to $4.2 New Record High
- Polygon’s path with the slightest resistance is upward based on the transactions history model.
- An ascending triangle pattern hints at a possible 69% rally to $4.2.
- The seller congestion at $2 could sabotage the seemingly imminent upswing.
Polygon appears to have embraced confluence support following the correction from the record high of $2.5. The 50 Simple Moving Average created the confluence (SMA) and the 100 SMA on the four-hour chart.
Meanwhile, a recovery is underway, as highlighted by the prevailing technical picture. Trading above the next hurdle at $2 may culminate in a surge of buy orders as investors look forward to the all-time high of $2.5.
Polygon could swing 69% higher to new record highs
The four-hour chart has printed an ascending triangle. This is a technical bullish continuation pattern with specific parameters to have the desired effect. A trend line connects higher lows and a horizontal line (x-axis) links the relatively equal peaks. We can deduce that bulls are getting stronger from the pattern as the price forms a higher low sequence.
A breakout is anticipated at the x-axis and results in a rapid upswing. Note that for an ascending triangle to form, the market must generally be uptrend. Consequently, the pattern will start to take shape as the market consolidates.
Upon slicing through the x-axis, the price tends to spike drastically. The high trading volume ascertains that buyers have intensified their grip while sellers lose traction. A breakout equal to the distance between the highest and lowest triangle points could lift Polygon 69% to achieve another historical high of $4.2.
MATIC/USD four-hour chart
The IOMAP model by IntoTheBlock (ITB) fortifies the bulls’ influence over the price by revealing massive support between $0.43 and $0.79. Here, nearly 10,000 addresses previously bought approximately 3.7 billion MATIC. The robust buyer congestion zone implies that the slightest resistance path is upward.
Polygon IOMAP chart
On the other hand, the IOMAP reveals that Polygon faces one minor hurdle in the journey to hitting another new all-time high. This resistance runs from $1.56 to $2.18. Here, around 2,900 addresses previously scooped 7.12 million MATIC. Note that a slight push could pave the way for gains eyeing $4.2.
Polygon’s bearish outlook
Amid the consolidation in the ascending triangle, a delay is expected at $2. Closing the day under this level would have a contrary result to the expected liftoff to $4.2. Note that ascending triangles can also result in bearish impulses. Therefore the confluence support and the hypotenuse must be defended to ensure that losses are averted entirely.