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

  • 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.

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.