- For now, MATIC approaches the bull pennant pattern’s apex, indicating a possible 18,632% upswing.
- The MACD and RSI indicators affirm this bullish narrative.
- According to on-chain metrics, Polygon does not have massive obstacles on its way up.
MATIC has traded in a consolidative phase for almost four months, creating a massive bullish pattern. As the meme token nears a breakout level, market players expect MATIC to rise with explosive actions in the up-and-coming sessions.
MATIC Coils Up
MATIC price appears optimistic after the token made a bullish pennant. The 2020 December – 2021 May18,650 % upswing formed the flagpole, while the current consolidation phase created the ‘pennant.’
This extending pattern predicts an 18,650% uptrend towards $287, resulting from measuring the pole’s height, then adding the result to the $1.543 breakout. With that, a 3-day candle close past the pennant’s top trend-line or $1.543 is commanding for the token to record the anticipated bullish case.
Though the highly optimistic narrative, market players must acknowledge that bull runs often witness overextended rallies. Another conservative approach targets a 100% upsurge towards $3.09. It is an ATH established through the flagpole bottom to top distance, then adding to the breakout level.
Technicals Support Polygon’s Massive Gain’s
With the positive outlook, the RSI indicates that Polygon tagged the 44.95 mark recently, preparing for a price bounce. Surprisingly, MATIC recoiled at this obstacle before starting its significant uptrend in 2020 December. The indicator will serve as another bullish rally confirmation if the Relative Strength Index closes past the plunging tend-line connecting with the lower highs created since the token’s peaks in 2021 May.
Meanwhile, the MACD depicts recovery as the slow-paced (Signal) line declines, while the fast-paced line (MACD) climbs higher. Maintaining this trend will have the MACD line moving beyond the Signal line, suggesting a bullish cross, catalyzing the case highlighted above.
On-chain Metrics Unveil Resistance-free Road
According to the GIOM model, MATIC has few threatening obstacles to challenge its upswings. On the other side, Polygon’s MVRV hovers at 66.8%. Analysts use this on-chain metric to identify whether holders that bought MATIC in the past year enjoy profits or recorded losses.
Higher MVRV is a bearish sign since it indicates that most investors might book more profits through selling. Though 66.8% might be high, history shows that MATIC MVRV usually records 146% (2020 April) or 350% (2021 bull run peaks.
Do you think that MATIC will hit its price targets? You can share your views below.
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