The token of polygon seems ready to resume his upward trend because it has little or no resistance.
The central theses
- Matic has fallen by more than 14 % in the last two days.
- The downturn could be part of a bear trap.
- The technical analysis indicates an upcoming outbreak of 62 %.
The Matic token of Polygon is preparing to visit earlier all-time highs again after it has broken out of an interest bully continuation pattern.
Matic Retraces before the high-altitude flight
The MATIC token from polygon has broken out of an inverse head and school formation that has developed on his daily chart since the beginning of July. After the altcoin exceeded the excerpt of the pattern at 1.63 $ 1.63, it rose by more than 10% and reached a high of USD 1.80
Another increase in purchase pressure around the current price level could push the price of Matic by another 46% towards $ 2.64. This goal is determined by measuring the widest span of the inverse head shoulder and this distance from the breakout point is added upwards.
While the opportunities for the bulls seem to speak, it is important to note that assets that break out of inverse head-shoulder patterns tend to test the neckline or the outbreaking point before progressing. Such swings help shake out some of the so -called "weak hands" and offer defaulting investors the opportunity to get back into the market.
The In/Out of the Money Around Price (Iomap) model from Intothlock shows that in the event of a downturn, the demand borders of 1.58 to $ 1.63 would probably keep the prices of polygon in chess. So far over 8,130 addresses have bought almost 40 million Matic.
In view of the considerable interest of the level of support of 1.61 USD, token owners would probably do everything possible to prevent their investments from going out of money. You could even buy more tokens that enable prices to recover and reach the head and shoulder goal of USD 2.63.
Matic - in/out of the money for the price
It is worth noting that there are some obstacles that have to overcome polygon to achieve its upward potential. Based on the IOMAP cohorts, the most important offer barrier is $ 1.70, with 5,380 addresses containing around 52 million Matic.
As soon as this level of resistance is broken, the next critical wall is between 1.83 and $ 1.88, since 4,000 addresses bought 3.90 million Matic by this price.
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