{"id":302039,"date":"2024-05-15T02:34:57","date_gmt":"2024-05-14T21:04:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=302039"},"modified":"2024-05-15T02:34:57","modified_gmt":"2024-05-14T21:04:57","slug":"will-the-symmetrical-triangle-formation-spur-a-bullish-trend-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/will-the-symmetrical-triangle-formation-spur-a-bullish-trend-crypto-news\/","title":{"rendered":"Will the Symmetrical Triangle Formation Spur a Bullish Trend? – Crypto News"},"content":{"rendered":"

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Polygon Price Forecast: The majority of major cryptocurrencies witness an uncertain market sentiment as the Bitcoin price<\/a> struggles to sustain above $65000. However, a few altcoins including the Polyong (MATIC) experienced a more negative influence resulting in a sharp correction since last week. From the $0.778 weekly resistance, the coin value tumbled 15% to currently trade at $0.658. Will the overhead supply push this downtrend below $0.6?\u00a0<\/span><\/p>\n

Also Read: Bitcoin Price: BTC To Face $2.7 Billion Liquidation If Price Hits This Level<\/a>
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Will the $0.656 Level Hold Amid Ongoing Correction?<\/b><\/h2>\n
\"BINANCE:MATICUSDT
Polygon Price Forecast| Tradingivew<\/figcaption><\/figure>\n

MATIC<\/a>, the native cryptocurrency on the Polygon network has been trading for over a month, limiting its price spread within $0.77 to $0.588 levels. With the broader market still in consolidation, the notable price swing in the daily chart indicates no clear momentum from bulls or ber towards the asset,<\/span><\/p>\n

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With an intraday loss of 1.3%, the MATIC price extended its prevailing correction trend to current traders at $0.656. With sustained selling, the altcoin could plunge another 8% and hit the lower trendline of a symmetrical triangle pattern.<\/span><\/p>\n

This chart pattern with its two converging trend lines has been active since April 22, leading a long-term sideways trend in Polygon coin. However, as per the historical data, the coin price witnessed a renewed demand pressure at the lower trend, sufficient enough to lead a rally back up the upper boundary.<\/span><\/p>\n

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Thus, the potential downfall may offer a referral opportunity of the year and bolster buyers amid the $1.15 mark. However, the bullish recovery could face resistance between $0.77 and $0.953.<\/span><\/p>\n

Having said that, the Polygon price<\/a> could need a breakout from triangle formation to lead to a sustained bullish trend.<\/span><\/p>\n

Technical Indicator<\/b><\/h2>\n