Analysts have identified critical chart patterns for Polygon (MATIC) and Reserve Rights (RSR), suggesting imminent bullish movements. Both tokens have shown signs of potential price breakouts.
Moreover, the experts highlighted key resistance levels, indicating possible price rallies. Consequently, these developments could indicate a major shift in the market dynamics for MATIC and RSR.
Reserve Rights (RSR) Nears Breakout
ZAYK Charts, a top analyst, highlighted the potential of a bullish breakout for Reserve Rights (RSR). In a tweet, ZAYK pointed out the formation of a falling wedge pattern on the daily timeframe. This pattern is typically bullish and suggests a weakening of the downtrend.
$RSR Falling Wedge Formation in 1D TimeframeIncase of Breakout,Expecting 80-100% Bullish Wave#RSR #RSRUSDT #Crypto pic.twitter.com/UmZyZITJO3
— ZAYK Charts (@ZAYKCharts) August 20, 2024
The chart shows that RSR is moving toward the upper boundary of the wedge, signaling the possibility of a price rally. ZAYK predicts an “80-100% Bullish Wave” upon a breakout, targeting an upward movement based on the wedge’s height.
If the price successfully breaks through the upper trend line, RSR could experience a substantial rise.
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Read also: MATIC Holders Might Need to Act Fast Amid Polygon’s New Upgrade
Polygon (MATIC) Primed for a Rally
World Of Charts, another top analyst, has focused on MATIC. After undergoing a massive correction, MATIC appears ready for a breakout from a falling channel pattern. This pattern, characterized by parallel downtrend lines, indicates a bearish trend.
However, World Of Charts suggests that MATIC is nearing a reversal. The analyst notes that a breakout from the upper trend line could push the price toward $1.00.
Moreover, this would represent a potential gain of approximately 143% from the breakout level. The recent slight bullish rebound supports the possibility of this upward move.
$MaticFinally Looks Ready For Breakout After Massive Correction #Matic Offering Very Good Buying Opportunity For Midterm Incase Of Successful Breakout Expecting Move Towards 1$ pic.twitter.com/UqflZnV8TY
— World Of Charts (@WorldOfCharts1) August 20, 2024
What to Watch
Both MATIC and RSR are approaching critical levels that could determine their near-term price trajectories. For RSR, the key factor will be whether it can break out of the falling wedge with increased volume, confirming the bullish wave predicted by ZAYK Charts.
Similarly, MATIC’s future hinges on its ability to break out of the falling channel, potentially leading to a sharp rise toward $1.00. Monitoring these tokens for signs of a confirmed breakout, could signal opportunities for midterm gains.
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The post Polygon (MATIC) and Reserve Rights (RSR) Signal Potential Price Breakout: What To Watch appeared first on CaptainAltcoin.
