Polygon MATIC had a wild bull run throughout the month of May. The gains that were seen far outpaced the other cryptos in its class. It was a so-called late bloomer as many alt-coins had their parabolic run-up far before Polygon MATIC. Although this was great at the time, MATIC price has experienced a very weak downtrend ever since the top was set. Since the top, MATIC's price has fallen over 60% and has yet to start a strong revival.
Polygon Price has formed a symmetrical triangle pattern since the low set of $0.93. This triangle pattern has held the price for over two weeks and it is coming to an end in 2 days. Once the polygon price breaks out, we can expect a large move accordingly. A price break to the downside will likely send MATIC's price back to $1.03 and a break to the upside will result in a push to $1.16-$1.22.
Before Polygon MATIC price is completely free, it must break and hold the 100 MA in addition to the top trend of the triangle. The 100 MA has acted as a resistance level for a long time as its held the price from starting an uptrend. If the bulls manage to break out above these two marks, the price will likely fight the major resistance level found at $1.22. If this is deemed successful, the skies are clear for a large push to the 1st target and beyond.
The Relative Strength Index has been following a trendline for nearly two weeks. As long as strength continues to stay above this, a breakout to the price upside of the triangle is imminent. The MACD has recently resorted above the 0 value back into the price bullish territory. A large consolidation has taken place which surely indicates a large move is soon to come.
Polygon MATIC price intraday levels
Spot rate: $1.11
Trend: Neutral
Volatility: Medium
Support: $1.03
Resistance: $1.16
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