\nPolygon Price Prediction: A massive breakout from the triangle pattern hints the MATIC price may extend the current recovery phase.\t\t\t\t<\/p>\n
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Polygon Price Prediction: The MATIC has been hovering above the $0.5 psychological support<\/a> for the last two months, attempting to regain its bullish momentum. Amid this consolidation emerges a symmetrical triangle pattern, whose recent breakout suggests the altcoin is gearing up for a notable upward trajectory. However, will this pattern build enough momentum to break above the $0.7 mark?<\/span><\/p>\n <\/p>\n Also Read: Coinbase CLO Confident On SEC To \u201cFulfill its Responsibilities\u201d Of Approving Bitcoin ETF<\/a><\/span><\/p>\n Over a five-day bull run, the polygon coin price<\/a> leaped from $0.5025 to its current trading value of $0.61, marking a 22% surge. This notable upswing let the market participants escape a two-month-long correction, as the prices gave a decisive breakout from symmetrical triangle formation on October 22.\u00a0<\/span><\/p>\n The breakout candle closing above the resistance trendline shows buyers with a suitable floating to lead further price rally.\u00a0<\/span><\/p>\n<\/blockquote>\n If the bullish momentum persists, the MATIC price currently trading at $0.06 could witness a 15% jump to hit the $0.07 psychological barrier.<\/span><\/p>\n <\/p>\n While the short-term projection seems bullish, it\u2019s crucial to note that the MATIC price faces overhead supply around the $0.64 price point. Today\u2019s candle shows a long-wick rejection, suggesting a minor 3% pullback may be imminent to retest the previously breached trendline. This retest will serve as a validation point, determining whether the asset\u2019s rally is genuinely sustainable or merely a false breakout.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nShort Liquidation Pours More Buying Orders<\/b><\/h2>\n
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Source- Tradingview<\/span><\/p>\n\n
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Coinglass data further supports this bullish outlook, revealing a significant amount of short liquidations in the past four days, including $1.1 million worth today, alongside $258.29k in long liquidations Thus, this short holding exits the market by pouring more buying orders which intensifies the bullish momentum.<\/span><\/p>\nIs Current Recovery Sustainable?<\/b><\/h2>\n
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