- MATIC may rise to $1.82 but it could take a while.
- If the exchange outflow outpaces the inflow, the token may get a clear bullish path.
Polygon [MATIC] has its eyes on $1.82, according to crypto analyst Ali Martinez. However, the analyst attached one condition to the projection despite affirming that the token was close to breaking out.
In his post on X, Martinez noted that MATIC had formed a symmetrical triangle that could set it for a first target of $1.25.
#Polygon is at the cusp of breaking out from a significant symmetrical triangle. Be patient! Let the pattern fully develop, as the initial target for $MATIC is set at $1.25, followed by a potential move towards $1.82! pic.twitter.com/F9eHkZe5q3
— Ali (@ali_charts) January 1, 2024
A symmetrical triangle is a technical pattern characterized by two converging lines connecting a series of highs and lows. From the chart above, the Polygon native token showed signs of breaking out from the upper trendline. This indicates the start of a new bullish trend.
Potential gains call for calm
Though Martinez noted that hitting the price would require patience, MATIC already seems to be in the process. In the early hours of the 2nd of January, AMBCrypto observed that the token had surged past the $1 psychological resistance.
However, our analysis of Santiment’s data sh
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Author: Victor Olanrewaju
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