BCGAME - Free 5BTC Daily Bonus!In a scenario where the cryptocurrency market is exhibiting an upward trend, several digital currencies have experienced a significant increase in their values. However, the trajectory of Polygon (MATIC) defies expectations, presenting a divergent picture on its daily chart. Just when it was positioned to overcome a bullish pattern, MATIC found itself dyed red, generating curiosity and speculation among investors.
Polygon stands out for its unique performance in the market. At the time of publication, the price of MATIC was quoted at US$ 1,04, an increase of 0,5% in the last 24 hours, the slow pace of growth of MATIC negatively influenced the investor sentiment, as indicated by the drop in the token's Weighted Sentiment. This scenario suggests a predominance of bearish sentiments among market participants.
On the other hand, a light at the end of the tunnel shines for MATIC. The digital currency was on an upward trend, following a bullish pattern that could potentially take it to the $2 mark in subsequent weeks. This optimistic forecast, based on analysis of ascending triangle patterns, encourages discussion about the real possibilities of such a feat.
$ MATIC Here we go 📈
Symmetrical Triangle Upside Breakout/Retest has confirmed on the Weekly timeframe Chart.
Send it the Mars 🚀🚀#Crypto #MATIC # Polygon #MATICUSDT pic.twitter.com/SBtVGGg15i
— Captain Faibik (@CryptoFaibik) February 27, 2024
The central question revolves around whether MATIC will be able to reach the value of US$2. Analyzing the data, it will face resistance in several zones before reaching this goal.
Could MATIC Reach US$2 Soon?
MATIC price is struggling to gain momentum for a move above the $1,12 zone. The next major resistance is $1,30, above which it could rise to the $1,70 level in the medium term.
Technical analysis of Polygon's daily chart reinforces the idea of a potential upward movement. Bollinger Bands indicate high volatility, while the MACD favors buyers, both promising signs for those looking for signs of a sustainable uptrend.
However, a note of caution is signaled by the Relative Strength Index (RSI), which suggests a possible need for patience among investors eager to see MATIC reach the coveted $2 mark.
