Triangle Pattern Sets MATIC Rally to $1.4
A breakout from the triangle pattern has set the stage for a rally in MATIC price. This bullish breakout signals a positive direction for the altcoin and could attract more buyers to the market. Additionally, the intraday trading volume of MATIC has shown a significant gain, reaching $2.5 billion.
Consolidation Phase and Bullish Pennant Pattern
Polygon price entered a consolidation phase in mid-November after retracting from a monthly high resistance point. During this period, the coin formed a bullish pennant pattern, which typically allows for a temporary respite before the next upward movement. On December 26th, there was a decisive breakout from this pattern, intensifying buying pressure and propelling MATIC price past the $1 threshold.
Potential Rise in MATIC Price
The momentum generated by the breakout suggests a potential rise in MATIC price by an additional 10%, targeting $1.2 and potentially even $1.4.
Open Interest in Futures Soars
There has been remarkable growth in open interest for Polygon futures, indicating growing investor interest in the coin. The open interest surged from $237.5 million to $387.29 million, reaching levels last seen in November 2022. This increase in open interest, coupled with the upward trajectory of MATIC’s price, reflects renewed confidence among investors and heightened focus on this digital currency.
- Exponential Moving Average: A positive alignment between the daily EMAs (20 > 50 > 100 > 200) reinforces bullish sentiment among traders.
- Moving Average Convergence Divergence: A recent bullish crossover between the MACD and signal line indicates a recovery trend.
Hot Take: MATIC Poised for Further Growth
Polygon (MATIC) has shown strong momentum, breaking out from a consolidation phase and forming a bullish pennant pattern. With a potential rise of 10% to $1.2 and a target of $1.4, MATIC is poised for further growth. The surge in open interest for Polygon futures also reflects increased investor confidence in the coin. This combined with positive technical indicators suggests that MATIC may continue its upward trajectory in the near future.
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