MATIC price demonstrates a bullish turnaround on the weekly chart, indicating a significant increase.
Following rejection from its long-term all-time high, the $MATIC price has maintained trading along a descending trend line.
Buyers have led the uptrend, resulting in a notable 146% jump, hinting at a potential massive rally for the layer-2 token.
Flipping the $1.18 resistance into support could propel $MATIC towards $1.30, potentially marking a yearly high.
#Polygon current trading price sits at $1.2400, with an intraday growth rate of 4.50%, suggesting a possible breakout of the supply line.
The recent rebound has allowed the price to breach upper resistance levels, indicating the initiation of a new bullish trend reminiscent of the 2021 bull run's onset.
According to Fibonacci levels, #Polygon is poised to challenge the 38.20% Fib level breakout, potentially leading to a scale up to $2.40 at the 78.60% Fib level.
According to Coingabbar Price Analysis, The weekly chart reveals a pattern resembling the 2021 bull run, with the price breaking above a decisive triangle.
KEY LEVELS :
RESISTANCE LEVEL : $1.5000-$2.5000
SUPPORT LEVEL : $0.9000-$0.7000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
