Polygon (MATIC) Price Breaks out of Consolidation to Reach $1 At the Earliest
The Polygon (MATIC) price stunned the crypto space with a sudden move after rebounding from the bottom just above $0.813. The asset rose high, intending to reach $0.85, but eventually failed and is facing a notable rejection. However, the bulls are holding the price firmly above $0.83, signifying the revival of a bullish trend soon.
The token witnessed a gigantic flip after closing the day with a 1.5% gain and breaking above the 55-day MA levels. The MATIC price is currently attempting a pennant breakout, which has been followed since September. A bullish move is speculated if the markets correlate positively as they recorded hefty losses during the previous day’s close.
The MATIC price presently is flashing huge bullish signals as it has accomplished the cup and handle pattern. The price is about to reach the neckline of the consolidation, which may trigger a massive upswing towards the immediate resistance at $0.9. However, if the bulls are able to withstand a minor bearish action at these levels, then a notable upswing may lead the price towards the crucial highs at $0.989 & further at $1.
The Polygon (MATIC) price may probably lift above the 200-day MA at $0.875, which has not been tested for a couple of months. Once these levels are cleared, the bulls may find a path towards the upper targets very soon.