Lorenzo Stroe
Independent Analyst
- MATIC price broke out of a descending parallel channel on the 1-hour chart.
- The digital asset targets $0.44 in the near future after holding key support level.
- Bears must push MATIC below $0.38 to invalidate the bullish outlook.
MATIC price had a major 23% breakout in the past 24 hours from a key pattern targeting higher highs at $0.44. There seems to be weak resistance ahead for Polygon as bulls have conquered several key resistance points.
MATIC price eying up $0.44 with no resistance ahead
On the 1-hour chart, MATIC price had a significant breakout from a descending parallel channel with a target of $0.44. Additionally, Polygon also climbed above the 50-SMA and the 100-SMA, adding credence to the breakout.
MATIC/USD 1-hour chart
The digital asset had a brief pullback to re-test the previous resistance trendline and held it successfully. The next target is $0.425, followed by $0.44 in the longer-term.
MATIC/USD 1-hour chart
On the other hand, if bears want to invalidate the bullish outlook, they will need to push MATIC price below $0.385, reclaiming the 100-SMA and the 50-SMA levels. This would drive Polygon down to $0.35 in the short-term and as low as $0.315.
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