Polygon’s MATIC Nears Critical 3-Year Resistance Level: A Make-or-Break Point for Its Next Major Direction

2024-2-18 12:40

Crypto Rover, a crypto trader, predicts that MATIC is about to break out of a 3-year consolidation phase. According to Crypto Rover’s chart, the price has hit resistance three times in the past and is now approaching a fourth touch. A break above the $1.00 resistance line will make bulls more confident and push the price further upward. However, if the resistance holds, it may spell a major fall for the price of MATIC.

AltFINS Analysis Shows Sideways Trading and Possible Breakout

Crypto analytics firm AltFINS also analyzed MATIC’s price action. According to AltFINS, the price is trading in a Sideways Channel between $0.75 and $1.00. For trend traders, AltFINS recommends waiting for a breakout above the $1.00 resistance before entering new long positions, as this could open the way for the price to revisit $1.25.

Swing traders can trade the channel by buying near channel support around $0.70-$0.75 and selling near the $1.00 resistance for a potential 35% gain. AltFINS suggests a stop loss just below the 200-day moving average and prior swing low around $0.67.

AltFINS notes the short and medium term uptrend is intact, but the long term trend remains neutral. The analysts suggest a decisive break above the 3-year resistance level is needed to shift the long term trend to firmly bullish.

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The post Polygon’s MATIC Nears Critical 3-Year Resistance Level: A Make-or-Break Point for Its Next Major Direction appeared first on CaptainAltcoin.

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