Ascending channel pattern sets Polygon (MATIC) up for a potential 30% rally
A bullish technical analysis pattern and the potential approval of the EIP-1559 proposal could back MATIC’s attempt to rally to a new all-time high. Polygon prices look poised to rise by at least 30% in the wake of a key Jan. 18 upgrade that would push a considerable portion of its native MATIC token out of circulation.Dubbed EIP-1559, the improvement proposal originally came to light as part of Ethereum's so-called London Hard Fork upgrade on Aug. 5. The proposal effectively started destroying, or "burning," a part of the fees paid to miners via Ether (ETH).Traders and investors raised....
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Polygon (MATIC) has been experiencing a mix of price action, with a 24-hour rally of 3.5% that hints at potential positive movement. However, the coin has suffered a 4.4% slump over the past seven days, indicating underlying bearish sentiments in the market. Despite the short-term surge, the weekly time frame presents a negative outlook, primarily due to the failure to break through a long-term horizontal resistance. Adding to the bearish pressure, an ascending trendline has been broken, signaling a potential further decline in MATIC’s price. Source: Coingecko One of the significant....
Polygon (MATIC) is one of the biggest winners in the crypto market today, with a 15% price increase over the last 24 hours. As NewsBTC reported yesterday, MATIC gave a golden cross signal on the daily chart a few days ago. The last time MATICUSD posted this significant trading signal on the daily chart, the altcoin recorded a massive rally of more than 13,000%. Related Reading: MATIC On The Move After Polygon Tapped By META | MATICUSD November 3, 2022 MATIC had been trading in a sideways channel since mid-July. After the golden cross formed on October 20, MATIC showed small strength.....
Ascending channels provide a steady signal on the strength of an uptrend and the optimal levels to open positions during a pullback. Traders use various technical analysis tools to identify emerging trends and profitably trade that direction. One popular trend-defining pattern that traders often rely on is called the price channel. An ‘ascending channel’ or a “bullish price channel” is formed by drawing parallel lines between the perceived support and resistance levels that an asset trades between on candlestick charts.Ascending channel basicsAn ascending channel is formed when the price....
Polygon (MATIC) has seen an explosion on the daily chart with a 40.4% rally trading at $0,74. In the weekly and monthly chart, MATIC’s numbers are equally impressive with a 118% and 114% bull-run. Most of the profits seem to have been recording over the past three months. Previously knows as Matic Network, the project […]
Polygon's native asset, MATIC, tests its June resistance level near $1.51 for a bullish breakout setup. A recent price rally in the Polygon (MATIC) market pushed its prices above $1.56 for the first time in more than two months.In detail, the MATIC/USDT exchange rate rose 20.65% in just two days to reclaim the June 17 high. Traders raised their bids for the pair after Polygon announced that it would create a decentralized autonomous organization (DAO) for its community members while focusing specifically on the booming decentralized finance (DeFi) space.Polygon, which offers layer-2....