Crypto analyst Ali sheds light on Polygon’s (MATIC) emerging trend, hinting at a possible breakout from a symmetrical triangle pattern. According to Ali, the potential confirmation of this breakout could pave the way for a substantial rally.
In a detailed X post, Ali delves into the weekly price movements of MATIC and identifies a significant technical pattern known as the “symmetrical triangle.” This pattern, as its name implies, resembles a triangle with two primary trendlines. The upper trendline connects a series of tops, while the lower one links the bottoms. Notably, both trendlines converge at a similar incline, hence the term “symmetrical.”
Unlike other triangle patterns in technical analysis, such as ascending and descending triangles, the symmetrical triangle features both trendlines on a slope without either moving horizontally. Traditionally, the upper trendline acts as a resistance level, while the lower one provides support.
Ali highlights that Polygon’s weekly price has been on the verge of a breakout from the symmetrical triangle pattern. The current surge towards the upper trendline suggests a potential breakout, with Ali emphasizing that “a sustained weekly candlestick close above $0.96 could propel MATIC towards $1.73.”
Polygon Recent Price Outlook
Polygon’s price has surged over 19% in the last 24 hours, indicating a strong momentum towards confirming the breakout. Should the symmetrical triangle break prove valid, MATIC would need to rally an additional 66% from its current price to reach Ali’s target.
Notably, Polygon has experienced notable bullish momentum over the past week, reclaiming the $1 level that the cryptocurrency has not touched since April. The asset has witnessed an impressive 34% surge in the last week.
The sustainability of MATIC’s recent rally remains uncertain. However, if the momentum persists, the confirmation of the symmetrical triangle break could lead to further surges in MATIC prices, as analyst Ali predicted.
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