Polygon Could See Bull Rally To $1.73 If This Happens: Analyst
2024年2月23日 - 3:00AM
NEWSBTC
An analyst explained that Polygon could see a potential bull rally
to $1.73 if the cryptocurrency’s price is above this level. Polygon
Appears To Be Breaking Out Of A Symmetrical Triangle Currently In a
new post on X, analyst Ali talked about a multi-year Symmetrical
Triangle that Polygon has been traveling inside. The “Symmetrical
Triangle” is a pattern in technical analysis (TA) that, as its name
already implies, looks like a triangle. The pattern comprises two
converging trendlines, with the upper line being made by joining
lower highs in the price, while the lower level connects higher
lows. Related Reading: Ethereum Breaks Back Above $3,000, Will FOMO
Lead To Top Again? A feature of this pattern is that these two
lines approach each other at roughly an equal (but opposite) slope.
This is the reason why there is “symmetrical” in its name. When the
price trades inside the triangle, it tends to encounter resistance
at the upper level. As such, tops can probably form at the line.
Similarly, the lower line can act as a source of support, thus
facilitating likely bottoms to take place. If the asset breaks
through either of these barriers, its price could probably see a
sustained push in that direction. This means that breaks above the
triangle can be bullish signals, while drops under it can signify
that a bearish trajectory has taken over. There are also other
triangle patterns in TA, with two popular ones being the Ascending
and Descending Triangles. These two patterns differ from the
Symmetrical Triangle in that one of their trendlines is parallel to
the time axis (meaning their lines can never have an equal slope).
Now, here is the chart shared by Ali that shows a Symmetrical
Triangle pattern that the weekly price of Polygon has traded inside
for the last couple of years: Looks like the asset's price has been
breaking out of this pattern recently | Source: @ali_charts on X As
the graph shows, the Polygon weekly price has shown signs of a
breakout from this Symmetrical Triangle pattern that it has been
stuck inside for multiple years. Since such breakouts have
historically been bullish, this surge for MATIC could mean some
sustained bullish momentum may be coming. This is only, of course,
if the break truly gets confirmed. Related Reading: Is Altcoin
Season On? Here’s What Glassnode Data Says “If MATIC can maintain a
close above $0.96, it could signal the start of a bull rally, with
a potential target of $1.73!” explains the analyst. From the
current asset price, a run to this target would mean an increase of
more than 78% for the cryptocurrency. MATIC Price After witnessing
a break above the $1 mark, Polygon slipped yesterday as its price
declined to $0.90. However, the coin has recovered above $0.97 in
the past day. This is above the $0.96 target set by the analyst, so
if Polygon can continue to maintain above it now, the break might
get confirmed for the asset. The value of the asset appears to have
surged over the past week | Source: MATICUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com
Polygon (COIN:MATICUSD)
過去 株価チャート
から 3 2024 まで 4 2024
Polygon (COIN:MATICUSD)
過去 株価チャート
から 4 2023 まで 4 2024