Jan 12, 2022 02:30
Polygon Price hit recently a price of $ 2.44 and was able to climb even further. However, this has led to a “fake breakout”. The recent crypto and stock market crash took a toll of all asset classes, even for MATIC. Today, the price is again on the trend line and presents a good entry point. But how could things go on with the Polygon price? Will we rise again by around 50%? Let's tackle this in our awesome Polygon Price Prediction 😉
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Polygon Price is still in a Triangle Formation!
Polygon prices are still in the ascending triangle due to the fake breakout. The price was recently able to find support on the trendline, which is why we assume that the triangle is currently intact. As the trendline is heading towards the +/- $ 2.44 resistance, a breakout could occur soon. We still believe the outbreak will progress. Before the polygon price breaks the resistance of $ 2.44, let's not assume prices higher than $ 2.44.
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Fig.1 MATIC/USD 1-day chart showing MATIC inside a triangle -
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Polygon Price Prediction - The Uptrend is still there
The polygon price was able to completely form a trend channel through the fake breakout. Now we have a confirmed upper trend line and a lower one. The price might test the upper trendline next, as we recently hit the lower one. This harmonizes perfectly with the ascending triangle. The ascending triangle should soon burst as well. Should the price hold the lower trend line, we assume that the price could soon be at +/- $ 3.3. The upper trend line of the trend channel is located there. We also have a running ABC sequence that was confirmed by the fake breakout from the triangle. The ABC sequence has the first target at around $ 3.3. Thus, all three chart patterns are currently blending nicely, which gives us confirmation that this is what will happen.
Fig.2 MATIC/USD 1-day chart showing the parallel uptrend channel -
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On the other hand, it is always safe to place your stop-loss to limit your...losses! A sensible SL for Matic's case would be just below the lower trendline of the channel, which is around $1.8 - $1.9.
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Rudy Fares
matic network
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