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Abstract:An uptick in bullish sentiment could see Polygon reach the upper boundary of the governing technical pattern at $2.32.
MATIC price could be preparing for a major rally if buying pressure increases.
A key technical indicator suggests that MATIC has recently formed a local bottom.
MATIC price has recently formed a local bottom according to a key technical indicator, suggesting that Polygon is ready for a bullish reversal. The token could tag the upper boundary of the governing technical pattern at $2.32 next if it slices above crucial resistance levels.
MATIC price forms local bottom
MATIC price has formed an ascending parallel channel on the 12-hour chart, projecting a bullish outlook. Polygon could target the upper boundary of the prevailing chart pattern at $2.32 next, coinciding with the 127.2% Fibonacci extension level.
Polygon has tagged the lower boundary of the governing technical pattern at $1.59 as support on February 14. At the same time, while MATIC price reached the swing low, the Momentum Reversal Indicator (MRI) has flashed a bottom signal, suggesting the token is preparing for a reversal.
MATIC price will face immediate resistance at the 21 twelve-hour Simple Moving Average (SMA) at $1.79, intersecting with the 61.8% Fibonacci retracement level. Additional hurdles may emerge at the middle boundary of the governing technical pattern at $1.93, coinciding with the 78.6% Fibonacci retracement level.
Polygon will face additional headwinds at $2.00, where the 100 twelve-hour SMA and the 200 twelve-hour SMA intersect, then at the resistance line given by the MRI at $2.10. Only if MATIC price manages to overcome the aforementioned challenges would see the token reach the optimistic target at $2.32.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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