While the team at Polygon, the rebranded MATIC project, continues to work on capturing the market share of Ethereum-based multichain scalability, traders could be in for some volatile times ahead, as the Polygon price prediction of the chart situation suggests.
After a period of price appreciation, Polygon sunk into a consolidation phase, which is now captured within the pennant pattern as shown on the daily chart. What is the Polygon price prediction for April 2021?
Technical Outlook for Polygon
The daily chart of the MATIC/USD pair shows that Polygon is presently locked in a bullish pennant pattern. This pattern is expected to resolve with a breakout above the pennant, with a projected measured move that could take the pair to the 0.55387768 resistance. A break of the price above this projected point sends Polygon into record territory. However, the success of this move depends on Polygon flattening resistance barriers at 0.39608208, 0.43853371 and 0.51487203, in that order.
On the flip side, a breakdown of the pennant takes price towards the 0.30034094 support level, with 0.25069738 and 0.19573487 serving as additional targets to the south. This move would invalidate the bullish pennant pattern.