Polygon MATIC price presents a buying opportunity at a crucial level that could see it surge by over 15% over the next few days.
After surging to a high price of $1.71 on June 15, Polygon MATIC price took a 25% nosedive. The sudden sell-off saw Polygon drop to a low of $1.28 recently.
Now, it seems like the rising trendline of a symmetrical triangle pattern where MATIC price has been contained since May 18 could keep falling prices at bay.
While this support level area seems significant enough to hold, the Tom DeMark Sequential indicator flashed a buy signal on Polygon’s 12-hour chart. The bullish pattern formation developed as a red line candlestick, which is indicative of a one to four 12-hour candlesticks upswing.
A spike in buying pressure around the current price levels could see Polygon MATIC price rise toward the 100- or 50-twelve-hour moving average. These crucial level areas of resistance sit at $1.45 and $1.60, respectively.
If Polygon Matic manages to break through the 50-twelve-hour moving average, the symmetrical triangle pattern suggests that a new uptrend may start. Under such unique circumstances, MATIC's price could surge by nearly 50% to the setup trendline at $2.38.
Nonetheless, investors must pay close attention to the $1.28 support level area. Failing to hold above this key area of support level might lead to significant losses. MATIC price could fall to the $1.16 support level or even the 200-twelve-hour moving average at $0.93.
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