MATIC Price Prediction: Polygon sets the stage for a quick 20% upswing

MATIC price suffered a bearish fate as it encountered a breaker on its way, leading to rejection and correction on February 7. Since then, Polygon has consolidated and is currently preparing for a quick run-up.

MATIC price to pull a 180

MATIC price crashed 40% after piercing a bearish breaker, extending from $1.75 to $2.15. The resulting correction shattered the daily support level at $1.44. However, this downswing also served as a liquidity run below the January 24 swing low at $1.30, serving as the first sign that a bullish move is incoming.

The second sign is the recent uptick that pushed MATIC price to flip the $1.44 resistance level into a support level. Therefore, investors can expect Polygon to continue this ascent for another 20% and tag the lower limit of the breaker at $1.75.

In a highly bullish case, MATIC price might plow through the breaker and make a run for the weekly resistance level at $1.94. This move would constitute a 33% gain and is likely where the short-term uptrend will make a local top.

MATIC/USDT 4-hour chart

While things are looking ready for a reversal, the MATIC price needs to hold above the $1.44 support level. A breakdown of this barrier will reveal that the bulls are unwilling or unable to follow through.

In this case, if MATIC price produces a four-hour candlestick close below $1.30, it will create a lower low, invalidating the bullish thesis. This move could be key in triggering further descent to the $1.22 support level.