MATIC holders have not been able to reap a lot of fruits in the past six months. The MATIC price has been trending sideways forming a narrow triangle in the previous months. With current market capitalization of just over $10 billion, Polygon is the 21st most-valuable cryptocurrency. Additionally, what enhances the status of Polygon in the competitive market is its largest layer 2-scaling solution for the Ethereum network. It is important to mention that Polygon has received a lot of buyer interest in the past few weeks. Experts are speculating that MATIC is finally close to a potential breakout. However, it is yet to be found out based on the daily charts. Let’s have a look at the MATIC price prediction.
Will Polygon Finally Break Out of Triangle?
In the current picture of the daily charts, MATIC price is consolidating in a tight triangle. Currently, Polygon is touching the $1.559 level around the upper edge of triangle formation. This level offers significant resistance as predicted.
MATIC Price Prediction
Since the trend support line is reinforced by the 50, 100, and 200 DMA, the bullish thesis seems to be a more concrete possibility to predict for MATIC holders. It is worth mentioning that as long as Polygon keeps the hook on 200-DMA and the rising trend line, there is a bright chance for upside breakout. Clearance of resistance at this point is an open possibility to reach the May high of $2.899 which is about a 90% rise.
While this may be true, if MATIC price falls below $1.145, it will most likely invalidate the bullish thesis and show a bearish breakdown on the charts.
Please note that our weekly predictions are based on the technical analysis of the crypto market. Any predictions made from our end are not financial advice for traders. For thorough consultation, you can reach out to your personal crypto investing consultants.