Polygon Makes Bullish Triangle, Gets 20% Surge in 7 Days

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  • Polygon (MATIC) price is the highest gainer among the top 20 cryptocurrencies in the last week.
  • MATIC chart showed an ascending triangle pattern, which is a bullish sign.
  • Meanwhile, the crypto market is underperforming like other financial markets.

Despite the crypto market getting rejected from its $1 trillion capitalization, a couple of cryptocurrencies are hinting that they are more than ready to explode.

Among these cryptocurrencies, Polygon (MATIC) seems to be the most promising. In detail, MATIC has been the top performer in the 20 leading cryptocurrencies in market capitalization.

For instance, MATIC price has seen an increase of 4.2% and 20.5% in the last 24 hours and 7 days, respectively, at the time of writing. Only Avalanche (AVAX) is doing considerably well since the last week with an uptick of 11.1%. Meanwhile, crypto frontrunners Bitcoin and Ethereum are down 1.4% and 1.6% in the last 24 hours, respectively.

Meanwhile, for MATIC, the price chart even shows more promise.

MATC/USDT 1-day chart (source: TradingView)

As seen on the chart above, MATIC price has formed an ascending triangle pattern, which is a bullish sign. To bring the uninitiated up to speed, triangles suggest a change in trend. Also, more often than not, an ascending triangle leans more on the bullish side than on the bearish.

For the bullish MATIC case to prove correct, bulls must shatter the resistance level at $0.7. This has been a strong resistance since MATIC price fell in May 2022, dumping hard into $0.5 and falling fast at $0.3.

Conversely, if the crypto market continues to underperform just like other financial markets (stocks, oil, foreign currencies, etc.), then MATIC price may lose its momentum and therefore its foothold at just beneath $0.6.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

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Based in Australia, Michael covers news related to the crypto space in Asia and in his home country, although he follows the latest events in the US and Europe. He is an avid fan of classical British and Russian literature.