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Crypto currency analyst Ali Martinez believes that Polygon’s (MATIC) target is the $1.82 level. However, the analyst added a condition to his projection, despite confirming that the token is close to exploding.
Critical Formation in MATIC
Ali Martinez pointed out in his post that MATIC has formed a symmetrical triangle that could set its first target at $1.25. A symmetrical triangle is a technical pattern characterized by two converging lines connecting a series of ups and downs. According to the charts, the Polygon native token showed signs of breaking out from the upper trend line, which could indicate the start of a new uptrend.
While Martinez stated that holding the price requires patience, MATIC already seems to be in this process. In the early hours of January 2nd, he observed that the token had surpassed the psychological resistance of $1. However, analyses related to Santiment’s data could show that the analyst might be right about the need for patience, as exchange inflow and outflow are indicated as reasons.
At the time the article was written, the exchange inflow was 165,000, and the outflow was 164,000. This proximity could indicate a heated context between MATIC accumulation and selling pressure. For the token to take a clear path towards an uptrend, the exchange outflow might need to surpass the inflow. According to the price movement, the RSI indicated that MATIC had good buying momentum.
Resistance Level in MATIC
The reason was that the reading had crossed the 50.00 midpoint. Also, since the price returned to $0.96, no selling pressure that could stop the uptrend has formed. However, if the price continues to rise and reaches $1.06, it could be rejected. In such a case, Polygon could pull back. But it seems like the bulls have turned the $1 resistance into support. So if the price pulls back, it might avoid falling below the $1 level.
Moreover, the Aroon indicator confirmed that the MATIC price could drop. At the time of writing, Aroon showed a downward trend, indicating a weakening bullish trend, despite Aroon Down following the same direction. In the medium term, the exponential moving average (EMA) showed that the cryptocurrency price has the potential to continue rising. This was due to the 20 EMA surpassing the 50 EMA.
