Polygon (MATIC) Breaks Above the Decessive Phase: Here are the Targets for the Current Bull Run
Story Highlights • The MATIC price underwent a strong breakout after consolidating for over a year, indicating the token to be at the foothill of a massive explosion • The price experienced excessive compression, which could result in a huge upswing beyond the current ATH close to $3
Polygon is considered one of the strongest tokens in terms of fundamentals, with a quick recovery after a bearish pullback. The token did plunge below $1 during the latest bearish attack but managed quickly to regain the levels above. With this, the price has surged above the pattern that was stuck within a decisive phase, signalling the beginning of a fresh bullish move.
The price is rising at times when the volume has plunged by nearly 50% compared to the previous day. Does this indicate a halt in the bearish activity? If yes, will it intensify once the price recaptures the 2023 highs close to $1.5?
The MATIC price has been trading along a descending trend line since being rejected from its long-term ATH. The ascending support line supported the token during bearish pullbacks while also providing a solid foundation for a strong rebound. The recent rebound allowed the price to break through the upper resistance, implying the start of a new bullish spell, as occurred previously at the start of the 2021 bull run.