Polygon is a wonderful project and undoubtedly one of the strong performers in the last six months.
If anything, numbers don’t lie.
MATIC prices shot from obscurity as the project made its name to become one of the most valuable altcoins in the sphere.
MATIC and a host of other “scalable and interoperable” Layer-2 projects were pumped, feeding on Ethereum weakness.
Pumping with Ethereum prices was a lockstep increment in trading fees.
Indeed, the state of Gas remains sensitive and has thus far been consequential for network users.
Polygon’s value proposition is to alleviate this problem by simply porting projects from Ethereum to a scalable, low-fee environment.
Polygon Market Performance
Subsequently, MATIC/USDT prices shot to over $2, defying gravity and cementing its position as a go-to platform.
Over 350 projects are now operating from Polygon while coin holders are deep in green.
What’s astounding is, even as bears double down, MATIC losses haven’t been deep. In fact, from the daily chart, MATIC/USDT prices are within May 24 trade range, holding strong above $1.
Traders are confident of another wave of higher highs. They are banking on MATIC bulls to flow back in line with the double-bar bullish reversal pattern of May 23 and 24, reading from comments of most traders.
If that is the case, how prices react in the next few days could determine the trajectory of the MATIC/USDT in the medium term.
Still, even if the likelihood of MATIC sinking below $1 is high, some traders are defiant.
Are Polygon Prices Readying for a 191% Rally?
For instance, on Trading View, moon333, based on price action in the 4-day chart, notes an extensive Gartley pattern forming.
Projecting from this correction, the analyst projects a sharp 191 percent surge back to 2021 highs above $2.
Of note, MATIC/USDT prices now have support at the 25-period moving average—a reliable line offering a solid buying zone in the past sessions.
MATIC/USDT in a Wedge, a Close above $1.65 will see Prices Explode
From the 4HR chart, another analyst, MJI786, observes that MATIC/USDT is moving inside a wedge.
This is distinguished by the series of lower highs and higher highs, all converging to form a triangle. Presently, MATIC/USDT prices are near the apex—and it gets interesting.
The trader banks on a break above if buyers are to remain in control.
If bulls emerge successful, closing above the upper resistance trend line, MATIC prices will “explode.”
For this reason, the analyst thinks that market participants should wait until there is a conclusive close above immediate barriers before coming.
A close above $1.65 and the liquidation trend line may see MATIC race to over $2 in a buy trend continuation pattern.
MATIC is Fragile, Path to $0.92?
On YouTube, Investing with Jaxx thinks MATIC is fragile for now.
Accordingly, even despite widespread optimism, decreasing volumes and lower lows make for a bad combination—a recipe for more losses in the immediate term.
The trader analyzes that MATIC may drop to $0.92 if $1 fails. On the reverse side, a close above $1.30 invalidates the downtrend.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Lucky Elephant Club: Unleashing the Power of NFTs in a Thriving Ecosystem
Crypto Community Warned Against Fake Arbitrum Airdrops
Is Kava a Good Investment? Analyzing the Potential Risks and Rewards
The Arbitrum Community Demands Return of 700M ARB Tokens to DAO Treasury
Investing in Arbitrum (ARB): Is it a Smart Move?
- July 2023
- April 2023
- February 2023
- January 2023
- December 2022
- June 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020