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Price Analysis

Polygon Bullish Breakout, Traders Expect MATIC to Gain 110% to $2.5

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Polygon is the blockchain of choice for developers who want to enjoy the best of Ethereum while also tapping super high speeds and throughput.

The platform has seen its valuation soar after activating and purposing to scale Ethereum using an EVM-compatible sidechain.

MATIC, the native currency of the blockchain, now occupies a rightful slot in the top-20 and is one of the top performers.

Polygon Market Performance and Price Status

Reading from price action, it is evident that $1 is a critical reaction point for MATIC.

After several retests, determined Polygon bears failed to close below the psychological level pointing to the level of demand and further cementing the uptrend, which most traders maintain is getting started, and MATIC could further stretch its valuation

 

Polygon Price Daily Chart for October 1

Technically, the three-bar bullish formation pattern witnessed in the tail end of September, of which October 1 bullish engulfing bar re-affirmed the presence of bulls, signals a shifting trend.

Notably, the reversal is from the 61.8 percent Fibonacci retracement level of the July to September trade range. This is a crucial reaction point that often forms the base for a swing high, clearing immediate resistance levels—in this case, $1.8—at around September 2021 highs.

Since the upthrust of October 1 is with high trading volumes, printing after periods of higher highs versus the lower BB and forcing MATIC prices above the dynamic resistance—the middle BB, there might be more room for gains.

Polygon 4HR Chart “Looks Juicy”

A trader on Trading View is positive of what lies ahead for Polygon.

As per the analyst’s preview of MATIC price action in the 4HR chart, the coin looks juicy.

Polygon Price Action is Juicy

At the time of writing, Polygon prices are above a key resistance level. Besides, prices are trending higher with rising trading volumes.

This suggests strength and unwavering commitment from traders. Most of them had seen a significant chunk of their ROI wiped in September.

Presently, the uptrend looks firm as Polygon prices rise from the pits of September.

According to the trader’s approximates, MATIC could spring back to $1.8 in the short term.

Currently, Polygon is on the cusp of breaking above this week’s highs. This is a trigger that may see Polygon prices further expand to September highs in a buy trend continuation pattern.

MATIC Trend Line Breakout

From the 1HR Chart, another trader on Trading View is confident of buy trend continuation.

Specifically, he cites the breakout above the primary resistance trend line visible in smaller time frame charts.

Polygon Breakout

Based on Polygon price action, the zone between $1 and $1.20 presents ideal entries for aggressive MATIC traders. At this zone, those angling for a moon shot in the weeks ahead could enter with a low risk–tight stop loss.

After weeks of losses, the revival of Polygon and the crypto market is now lifting MATIC prices in the direction coin holders wished for.

MATIC Ready for a 2X

While traders predict Polygon to clear immediate resistance levels, one trader thinks the coin is ready for a 2X in two months.

Polygon 2X

Reading from past MATIC/USDT price action, the coin could more than double from spot rates. Immediate target, for the trader, $2.5—a retest of Polygon’s all-time highs.

He makes predictions based on bar count. He attempts to forecast MATIC’s prices by mirroring potential events from July through to August when prices printed a 110 percent surge.

Charts courtesy of Trading View

Disclosure: Opinion is that of the author. Do your own research.

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Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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