- For now, bears seem exhausted according to MATIC price movements. Polygon prepares for another rally.
- Polygon’s MATIC scaling aims for a 25% uptick.
- MATIC sees fewer restrictions as it surges ahead.
MATIC price indicates the end of consolidation at the moment. Investors can expect Polygon to reverse the recent losses as the coin shows a possible bottom. That might see MATIC trading higher in the coming sessions.
MATIC Sees Fewer Obstacles Ahead
Since 21 June, MATIC has had asymmetrical triangle formation that maintained until the 8 July downside breakout. Polygon dropped to around the local bottom after 26% plummets, almost meeting the 29% drop predicted by the price chart pattern.
According to the 12-hr chart, MATIC looks to rebound from its 17 July lows. With the existing bullish attitude, the altcoin aims to hit the 27.2% Fib extension at $0.92.
Magnified buying pressure might see MATIC targeting the next resistance at $0.92 and the 50% Fib extension, overlapping with the 50- 12 hr. SMA.
Also, the IOMAP affirms the bullish outlook awaiting this altcoin as it indicates little challenges for the asset to claim the $0.96 mark.
With the current situation in the Polygon’s network, more positive sentiments would support MATIC rallies. The coin has high chances to hit the 61.8% Fib extension, corresponding with the 200- 12 hr. simple moving average at $1.11.
If MATIC sees slight recoveries not to affirm higher rallies, the altcoin might retest the $0.78 local bottom. Moreover, it could fall further to the predicted plunge from the price chart pattern near $0.75. Keep in mind that this is the massive support zone suggested by IOMAP. The area has 716 digital addresses holding 1.92 billion Polygon’s MATIC.
The massive defensive level mentioned above receives support from the support zone showed by the MRI (Momentum Reversal Indicator). The network can avoid dipping down in case of slight weaknesses.
For now, market players expect MATIC to register 25% surges. If the correct catalysts dominate the market, the coin’s indicators affirm a price surge. Do you think that Polygon will experiences surges after the recent losses? Comment below.
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