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Polygon Price Prediction: Bullish Triangle Points to a Breakout

Polygon price remains within a tight range as has been the case since the beginning of October. According to CoinMarketCap, its market cap has dropped by 6.23% while it trading volume is down by 12.21% over the past 24 hours.  

Polygon price prediction

 MATIC has been hovering around 1.2676 for one-and-half weeks. Notably, that is the point that the 25 and 50-day exponential moving averages have converged on a daily chart. Subsequently, the altcoin’s movements have been within a tight range of between 1.4145 and 1.1977.

At the time of writing, Polygon price was down by 3.16% at 1.1994. The formation of a bullish symmetrical triangle points to a probable breakout.

The cryptocurrency’s price movement prior to commencement of the formation in mid-May is what defines it as a bullish pattern. After consolidating below the psychological level of 0.5000 for about two months, Polygon price surged to an all-time high of 3.5000 in mid-May before pulling back. For a bullish symmetrical triangle, the price movement preceding the pattern has to be bullish.

In the near term, the altcoin will likely hover around the 25-day EMA at 1.2676. by doing so, it will find resistance along the triangle’s upper line at 1.4145. If the bulls manage to push the price beyond the symmetrical triangle, past the psychological level of 1.5000, a breakout will have commenced. On the flip side, a move below its current support level of 1.1977 will place it at 1.1044.

Polygon price
Polygon price