Polygon Recovery Hints at New Bull Run - Can MATIC Hit $7.50?

Polygon Recovery Hints at New Bull Run – Can MATIC Hit $7.50?

Time Stamp: March 7, 2024 2:15 PM
Source Node: 2507470
  • Polygon (MATIC) is showing strength above $1 amidst positive sentiment in the crypto market.
  • It broke out of a significant triangle pattern and surpassed long-term resistance.
  • Analysts suggest it could retest its all-time high of $2.92 soon and potentially reach $6 to $7.50 in the future

Polygon (MATIC) appears ripe to capitalize on renewed crypto market optimism as its price holds resiliently above $1. This recovery comes as MATIC staged a convincing breakout above several key technical markers that previously capped upside moves.

Foremost among these was a decisive triangle pattern that dominated most of Polygon’s price action since its meteoric 2021 rally up to record highs near $2.92. This multi-month consolidation finally gave way over the past week as MATIC crossed above trendline resistance.

According to some analysts, MATIC is mirroring similar price dynamics that kicked off its parabolic uptrend in 2021. Its weekly relative strength index (RSI) now stands perched above 60 with plenty of runway before hitting overbought readings. This mimics the same RSI build that preceded MATIC’s historic 10,000% explosion two years ago.

Polygon breaks long term resistance

Additionally, MATIC’s long-term resistance trendline was shattered for the first time since 2021, opening the pathway towards levels last seen during its peak bull run hype. With fundamentals also strengthening across Polygon’s layer-2 ecosystem, the stars seem aligned for a renewed surge.

Barring any shock black swan events, MATIC appears en route to retesting its all-time high around $2.92 in the coming months. But some experts have set their sights even higher if Polygon’s network activity continues to gain steam.

One potential scenario sees the parallels from previous cycles playing out similarly, with MATIC possibly topping out between $6 and $7.50 next cycle, representing a 500% upside from today’s price. However, bulls need to maintain support above $1.15 and confirm solid weekly closes before such euphoric predictions materialize.

In summary, MATIC’s resilience and key technical breakouts set the stage for its next face-melting rally. But with crypto markets still choppy, savvy holders likely have their finger on the trigger to secure profits on any vertical spikes. Nevertheless, Polygon seems ready to reward those committed for the long haul.

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