2022-10-26 19:30 |
Polygon (MATIC) price broke out from both long- and short-term bearish structures. As a result, a considerable upward movement is expected.
The MATIC price has decreased since reaching an all-time high of $2.92 in Dec. 2021. The downward movement led to a low of $0.31 on June 13.
Afterward, MATIC reversed, broke out from the line in July and reached a high of $1.05.
While the Polygon price has been falling, there is a strong bullish sign given by the weekly RSI. The indicator has broken out from its bearish divergence trend line (green) and is now in the process of moving above 50.
Combined with the breakout from the long-term descending resistance line, this RSI movement confirms the bullish reversal.
The next closest resistance area is at $1.32, created by both the 0.382 Fib retracement resistance level and a horizontal resistance area. It is likely to provide resistance to the future price.
MATIC/USDT Chart By TradingView Polygon Breakout Leads to Sharp JumpThe technical analysis from the daily time frame provides a bullish Polygon price forecast.
Firstly, it shows that the MATIC price has broken out from a descending resistance line.
Secondly, it shows that the price has also broken out from a short-term ascending parallel channel.
Finally, the daily RSI has broken out from its bearish divergence trend line (black) and has even moved above 50. All three of these are bullish signs that indicate that the upward price movement is expected to continue.
MATIC/USDT Chart By TradingView MATIC Price Prediction: $1.30 Is in SightIn addition to the bullish readings from the weekly and daily time frames, the wave count is also bullish. Measuring from the yearly low, the MATIC price has completed a five-wave upward movement (red). This is likely wave A in an A-B-C corrective structure (black).
Giving waves A:C a 1:1 ratio leads to a maximum price of $1.43. This is very close to the previously outlined resistance area. So, the confluence of these two levels suggests that it is likely that the price will reach the top there.
Conversely, a decrease below the wave B low (red line) of $0.69 would invalidate the bullish hypothesis and suggest that the Polygon price is still correcting.
MATIC/USDT Chart By TradingViewFor the latest BeInCrypto Bitcoin (BTC) and crypto market analysis, click here
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The post Polygon (MATIC) Price Jumps By 17% After Bullish Breakout appeared first on BeInCrypto.
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