MATIC coin prices are ready to start a bull run as soon as it gives the bullish breakout of the cup & handle pattern in the daily chart.
Polygon, previously known as Matic Network, is the first structured and easy-to-use platform to scale Ethereum and develop infrastructure. Its core component, Polygon SDK, is a flexible, modular framework that allows for multiple types of applications. Polygon can be used to create ZK rollup, optimistic, and stand-alone chains.
Let us now take a look into the technical analysis of Polygon cryptocurrency.
Past Performance of MATIC
Polygon has been trading under substantial bullish momentum for the past few weeks. However, it fails to rise above the formidable resistance zone near the $1.70 mark. Thus, resulting in the formation of a cup and handle pattern in the daily chart.
During the duration of this bullish pattern formation, the entrapment of underlying bullish momentum might result in a massive bullish breakout. Hence, investors can find an entry spot upon pattern fruition.
MATIC Technical Analysis
MATIC cryptocurrency is currently at $1.57. Additionally, the cryptocurrency has increased by 1.34% in the last 24 hours. Thus, reflecting the growth in underlying bullishness. Moreover, the price jump is supported by a volume burst. Hence, indicating the entry of new buyers.
As per the pivot points in the daily chart, the following prominent resistance levels are at $2.10 and $2.70. And, on the flip side, the support levels are at $1.30 and $0.83.
MACD and signal lines on the daily chart aim to hover above the zero line. Moreover, the lines advance in a positive alignment. Hence, the indicator proffers a slightly bullish signal for MATIC crypto.
The RSI indicator shows a slight bearish divergence with the price action. Thus, the possibility of fallout is still on the table. Hence, investors must wait for the price action confirmation before taking the trade.
As per the Polygon technical analysis, the underlying bullishness of MATIC crypto is gradually increasing. However, the perfect entry spot is at the bullish breakout of the $1.70 resistance zone.
Investors must not give in to the fear of missing out as the RSI divergence proposes a fallout is plausible. Hence, we must wait for a proper breakout to avoid any fallouts.
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