Briefly

  • Polygon (MATIC) price encounters obstacles at $1.87, suggesting possible swing high formation.
  • With that, market players can anticipate a 12% correction by MATIC to hit $1.65 before starting a 30% upsurge towards $2.13.
  • Meanwhile, a breakdown under the support level at $1.52 will cancel the bullish narrative.

Polygon price appears ready for retracement with a possible swing high forming. Such a development might translate to a price retracement that will attract more buyers to accumulate coins at discounted prices. That would trigger a quick comeback.

Polygon Ready for Higher Highs

MATIC had its price surging by 30$ over the past 96 hours, rising to $1.96 from $1.52. However, the upside move slowed down at the moment but might create a swing-high past $1.96. The setup will translate to a temporary correction towards the 62% Fibonacci retracement at $1.69. MATIC can hit 70.5% FIB retracement at $1.65.

Retesting these barriers will present an accumulation opportunity, attracting sidelined investors that missed the last leg-up. That way, market players can expect Polygon (MATIC) to experience bullish actions at the price levels highlighted above.

A sharp rally past the $1.69 swing high will confirm the anticipated rally. The likely aim by market participants might trigger a massive upswing, taking MATIC at the buy-stop liquidity past the double top of $2.13. That upward move constitutes a nearly 30% surge from $1.65.

On the other side, if Polygon fails to maintain past $1.65, it will plunge towards a subsequent zone at $1.62, a level where it might attempt another upsurge. Nevertheless, a daily close under $1.52 will print a lower low, invalidating the bullish thesis.

Should You Invest in MATIC?

Polygon (MATIC) is a crypto project that aims to improve the shortcomings of Ethereum’s blockchain. MATIC has witnessed impressive price movements this year, 2021, and market analysts predict more upswings for the alt.

On the other hand, Ethereum plans to introduce ETH 2.0 next year. With that, Ethereum can attain more scalability, limiting Polygon needs. Will Polygon release further updates to keep up with the competition? Let us wait for what the coming year will have for these coins.