Polygon appears to be on the verge of a very decisive bullish run. The coin has been suppressed in recent weeks. Even though the broader crypto market has seen some decent gains in June, MATIC has been largely modest in its uptrend. But this is about to change. Here are some highlights:
MATIC has consolidated within a lower high and higher low for 3 consecutive days.
This consolidation shows flexibility, and it could trigger huge demand for MATIC.
The coin can target $0.9 in this bullish cycle.
Data Source: TradingView
Polygon’s near-term probabilities
Looking at MATIC’s price action over the past two weeks, we see a very strong consolidation. In fact, while the crypto market has actually reported modest gains, MATIC has largely stayed within this consolidation phase with very limited volatility. As a result, the coin has traded within a lower high and a higher low in 3 straight trading sessions.
This display of resilience may indicate that MATIC is ready to break out of a sideways pattern. Furthermore, the momentum indicators on the chart suggest that the coin is due for a decisive bull run.
If MATIC is indeed successful in the coming days, the coin will target $0.9 as a minimum. This will bring an increase of 50 per cent from the current price. It is also likely that there will be enough demand to send MATIC upwards of $1. The coin will likely consolidate above $1.1 before it tries to find further direction again.
What is the probability of running this MATIC?
The conditions are perfect for MATIC to break the sideways pattern. But it also depends on the overall sentiment in the market.
If we continue to see weakness in crypto, MATIC will be in a consolidation phase for a while. However, if the broader sentiment improves, you can expect MATIC to outperform most of the major coins.