Lorenzo Stroe
Independent Analyst
- MATIC price is trading inside a bull flag on the 4-hour chart.
- The digital asset faces one last key resistance level before new all-time highs.
- At the same time, MATIC might need a correction first.
MATIC had a massive rally in the last two weeks, hitting a new all-time high at $0.94. The digital asset has been trading sideways since then and it is on the verge of a new leg up.
MATIC price aims for a new breakout to new all-time highs
On the 4-hour chart, MATIC has established a bull flag and seeks a breakout above the key resistance level at $0.85. The pattern has a long-term price target of $1.35, but MATIC will most likely pause at $1 before reaching it.
MATIC/USD 4-hour chart
MATIC has a lot of bullish momentum and just had a bounce from the lower boundary of the pattern. Nonetheless, it still needs to crack the key resistance level ahead.
MATIC/USD 4-hour chart
If the bears can push MATIC price below $0.75, which is the most important support point, the digital asset can quickly fall to a low of $0.56, a 26% move calculated by measuring the height of the symmetrical triangle.
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