Polygon (MATIC) Price Forecast: Breaking Out of Long Consolidation Period Signals Potential 15% Increase

MATIC Price Prediction: Breaking Out of Consolidation Phase

For the past six weeks, the MATIC price resonated in a sideways trend indicating an indecisive sentiment among traders. However, this consolidation responded to two converging trendlines which reflected the formation of a symmetrical triangle pattern. A recent bullish breakout from this pattern indicates the buyers won the tug-of-war within the pattern suggesting a higher chance of uptrend continuation.

On April 14th, the MATIC coin price gave a bullish breakout from the above resistance trendline of a symmetrical triangle. This triangle breakout acts as a sign of reversal indicating the end of the prevailing correction phase.

As of now, the coin price trades around the $1.16 mark hovering above the breached trendline, showcasing its sustainability. If the buyers obtained suitable support from the resistance trendline, the prices would rise 15% to the $1.31 barrier.

Furthermore, the rising support trendline is still intact and can assist coin holders to prolong the potential recovery. However, a breakdown below it could undermine the bullish thesis and accelerate the selling pressure.

Technical Indicators

The Exponential Moving Average shows that with the recent breakout, the MATIC price reclaimed the daily EMAs(20, 50, 100, and 200) offering multiple support levels to maintain higher grounds.

Conclusion

The recent bullish breakout from the symmetrical triangle pattern suggests that the MATIC price could continue to trend upwards. With the rising support trendline still intact, there is potential for further price recovery. However, a breakdown below this trendline could signal a bearish trend reversal.

Key Takeaways

• The MATIC price broke out of a symmetrical triangle pattern, indicating a bullish reversal
• The coin price is currently hovering above the breached trendline, showing sustainability
• If the buyers obtain support from the resistance trendline, the prices could rise 15%
• The rising support trendline could help prolong the potential recovery
• A breakdown below the support trendline could undermine the bullish thesis and accelerate selling pressure

Overall, the technical indicators and recent price action suggest that the MATIC price could continue to trend upwards in the near future.