Monday, December 5, 2022

Why polygon is on the cusp of major price movements

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Polygon appears to be on the verge of a very decisive bullish run. The coin has been suppressed in recent weeks. Even as the broader crypto market has seen some decent gains in June, MATIC has largely been modest in its uptrend. But this is about to change. Here are some highlights:

  • MATIC has consolidated within lower highs and higher lows for 3 straight days.

  • This consolidation shows resilience, and it could trigger massive demand for MATIC.

  • The coin could target $0.9 in this bullish cycle.

Data Source: TradingView 

Polygon’s near-term prospects

Looking at MATIC’s price action over the past two weeks, we see a very strong consolidation. In fact, while the crypto market has actually reported modest gains, MATIC has largely been within this consolidation phase with very limited volatility. As a result, the coin has traded within lower highs and higher lows in 3 straight trading sessions. 

This show of resilience could suggest that MATIC is ready to break the sideways pattern. Besides, momentum indicators on the chart suggest that the coin is due for a decisive bull run.

If indeed MATIC is able to break out in the coming days, the coin will target $0.9 as the bare minimum. This will deliver a 50% upswing from the current price. It is also likely that there will be enough demand to send MATIC above $1. The coin will probably consolidate above $1.1 before it tries to find more direction again.

How likely is this MATIC run?

The conditions are perfect for MATIC to break its sideways pattern. But this also depends on the overall sentiment in the market.

If we continue to see weakness in crypto, then MATIC will remain in a consolidation phase for a bit longer. However, if broader sentiment improves, then you can expect MATIC to outperform most major coins.

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