Polygon’s Potential Bull Rally to $1.73: Analyst Explains
An analyst recently discussed the possibility of a bull rally for Polygon, with a potential target price of $1.73. The analyst observed a multi-year Symmetrical Triangle pattern that Polygon has been trading inside, which could indicate a breakout and bullish momentum if confirmed.
Understanding the Symmetrical Triangle Pattern
The Symmetrical Triangle pattern is a technical analysis pattern characterized by two converging trendlines. The upper line connects lower highs, while the lower line connects higher lows. These lines approach each other at roughly equal slopes, forming a triangle shape.
When the price trades within the triangle, it tends to encounter resistance at the upper level and find support at the lower level. Breaks above or below the triangle can signal significant price movements in that direction.
Other triangle patterns in technical analysis include Ascending and Descending Triangles, which differ from the Symmetrical Triangle in terms of their trendline slopes.
Polygon’s Breakout Potential
The analyst shared a chart showing Polygon’s Symmetrical Triangle pattern over the past couple of years. If Polygon maintains a close above $0.96, it could confirm a breakout and potentially trigger a bull rally with a target price of $1.73.
MATIC Price Movement
After surpassing the $1 mark, Polygon experienced a slight decline to $0.90 but has since recovered above $0.97. This is above the analyst’s target of $0.96, indicating that the breakout might be confirmed for Polygon.
Hot Take: Watch Out for Polygon’s Potential Bull Rally 🚀
Polygon’s Symmetrical Triangle pattern suggests a possible bull rally to $1.73 if the breakout is confirmed. Keep an eye on the price movement and whether Polygon maintains its position above $0.96. If so, a significant price increase of over 78% could be on the horizon for this cryptocurrency.
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