Polygon Breaks Out Targeting New Record Highs
Polygon’s MATIC token has risen by more than 22% in the last four days.
The sudden upswing has allowed the token to break through resistance.
Further buying pressure could push MATIC to $2.80.
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Polygon’s native token, MATIC, appears to be catching up with the rest of the market after slicing through stiff resistance. Now, technical indicators and on-chain metrics suggest that prices could soon reach a new all-time high.
Polygon Commences Rally
Polygon has overcome its significant resistance barriers and now looks primed for new all-time highs.
MATIC has enjoyed bullish momentum in the last four days, rising by more than 22% in market value. Prices have increased from a low of $1.52 on Oct. 23 to a recent high of $1.86.
The sudden upward pressure appears to have derived from the breakout of a symmetrical triangle. As prices have made a series of lower highs and higher lows since Apr. 26, the consolidation pattern developed on MATIC’s daily chart. Breaching the triangle’s upper trendline at $1.62 on Oct. 23 could have resulted in the resumption of the uptrend.
The height of the triangle’s y-axis added to the breakout point suggests that Polygon could be bound for a nearly 86% bull rally. Therefore, further buying pressure around the current price levels could push MATIC to a new all-time high at $2.80.
While the odds appear to favor the bulls, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows no opposition ahead. The only considerable interest area sits at the $2 mark, where 1,280 addresses have purchased more than 35.5 million MATIC.
Traders who have been underwater may attempt to break even on their long positions as Polygon approaches the $2 mark. The potential increase in selling pressure could slow down the uptrend, preventing MATIC from slice through this barrier and achieving its upside potential.
The IOMAP also shows that the most significant support level underneath Polygon sits at $1.75. This support level could hold prices from dipping further in the event of a spike in profit-taking. If it did break, the demand wall at $1.62 would likely hold and allow prices to rebound.
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