- MATIC price has rallied 30% since last week's bullish trade setup.
- Polygon's MATIC price shows an influx of bullsh transactions on the Volume Profile Indicator.
- Invalidalidation of uptrend can be moved into profit at $0.54
Polygon's MATIC price continues to rally, a $1.00 target is still possible. However, profit-taking is to be expected.
MATIC price follows suit
MATIC price continues to outperform other cryptocurrencies in the space. It was mentioned in last week's bullish thesis that a 90% rally targeting $1.00 could ensue based on the subtle bullish technicals. On July 14, the bulls have already tackled 30% of the trajectory after breaching a previous triangular apex. Traders participating in the bullish trade setup are already up four times their risk.Thus, a profit-taking consolidation will be unsurprising.
MATIC price currently trades at $0.66. The bulls have printed consecutive bullish engulfing candle sticks on the 8-hour chart. The Volume Profile indicator suggests a continuation of the uptrend is imminent as a classic ramping pattern has been established. Key levels to consider taking profit are at $0.70 and potentially $0.75.
Invalidation of the uptrend targeting $1.00 can be moved into profit from $0.48 to $0.54. If $0.54 were to get breached, the bears could reconquer the trend and target $0.33, resulting in a 50% decrease from the current MATIC price.
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