Polygon Breaks Out Of Symmetrical Triangle, Analyst Puts This Target
27 Dezember 2023 - 3:00PM
NEWSBTC
An analyst has explained how Polygon is starting to break out of a
symmetrical triangle pattern. If the breakout is confirmed, a rally
to this level could be coming. Polygon Weekly Price Is On The Verge
Of Breaking Out Of A Symmetrical Triangle In a new post on X,
analyst Ali talked about a pattern that has been forming in the
weekly price of MATIC. The pattern in question is called the
“symmetrical triangle.” As its name suggests, this technical
pattern looks like a triangle. There are two main trendlines in
this formation; the upper one is made by connecting a series of
tops, while the lower one joins together bottoms. A feature of the
pattern is that these two trendlines converge at about the same
incline (which is why it has “symmetrical” in its name). Related
Reading: Fantom (FTM) To Rocket Up To $1.60 If This Happens:
Analyst There are other triangle patterns in technical analysis as
well, like the ascending and descending triangles. These patterns,
for example, differ from the symmetrical triangle in that they have
one trendline moving horizontally, while the symmetrical triangle
has both of them at a slope. As is generally the case with patterns
like this, the upper trendline in the symmetrical triangle can act
as a source of resistance, while the lower one may provide support.
Sustained breaks out of either of these levels can lead to a
continuation of the trend in that direction. According to Ali,
Polygon’s weekly price has been on the verge of such a breakout
recently. Below is the chart shared by the analyst that highlights
this potential break brewing in MATIC: Looks like the price has
approached the upper trendline recently | Source: @ali_charts on X
As displayed in the above graph, Polygon’s weekly price has
recently surged toward the upper trendline of a symmetrical
triangle pattern and appears to be trying to break out. “A
sustained weekly candlestick close above $0.96 could propel MATIC
towards $1.73,” explains the analyst. So far, Polygon seems to be
well on its way to confirming this breakout, as its price has shot
up more than 19% during the last 24 hours. If the symmetrical
triangle break indeed holds up, then MATIC would have to rally
another 66% from the current price if the target set by Ali is to
be met. MATIC Has Surpassed The $1 Level For The First Time Since
April Polygon has enjoyed some sharp bullish momentum during the
past week as its price has now reclaimed $1, a level that the
cryptocurrency hasn’t visited since April. Related Reading:
Worldcoin Shows Bullish Breakout, Analyst Predicts 80% Rally The
below chart shows how the asset has performed during the past
month. The price of the coin seems to have rapidly grown in recent
days | Source: MATICUSD on TradingView In the past week, the asset
is up over 34%. The only cryptocurrency in the market cap top 20
list that has shown better returns is Solana (SOL) with its about
47% profits. It’s currently unknown whether MATIC can keep up this
rally, but if it can, the symmetrical triangle break would be
confirmed and more surge would potentially follow. Featured image
from GuerrillaBuzz on Unsplash.com, charts from TradingView.com
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