Polygon (MATIC) Breaks Above the Decessive Phase: Here Are the Targets for the Current Bull Run
The post Polygon (MATIC) Breaks Above the Decessive Phase: Here are the Targets for the Current Bull Run appeared first on Coinpedia Fintech News
Polygon is considered one of the strongest tokens in terms of fundamentals, with a quick recovery after a bearish pullback. The token did plunge below $1 during the latest bearish attack but managed quickly to regain the levels above. With this, the price has surged above the pattern that was stuck within a decisive phase, signalling the beginning of a fresh bullish move.
The price is rising at times when the volume has plunged by nearly 50% compared to the previous day. Does this indicate a halt in the bearish activity? If yes, will it intensify once the price recaptures the 2023 highs close to $1.5?
The MATIC price has been trading along a descending trend line since being rejected from its long-term ATH. The ascending support line supported the token during bearish pullbacks while also providing a solid foundation for a strong rebound. The recent rebound allowed the price to break through the upper resistance, implying the start of a new bullish spell, as occurred previously at the start of the 2021 bull run.
The weekly chart of the MATIC price suggests the price followed the same pattern and broke above the decisive triangle, similar to that of the beginning of the 2021 bull run. Besides, the Gaussian channel continues to remain bearish but both levels are converging to a large extent, suggesting a trend reversal could be on the horizon. Moreover, the RSI is about to hit the upper threshold, which may lift the token above the bearish influence.
Now that the Polygon price could begin the fresh upswing at $1, which may further transform into a bull run, the upper targets also appear to have been elevated to a large extent. If the price follows a similar price action as before, it may form a new ATH somewhere between $6 and $7.5, causing a 500% jump from the current levels.