Bullish Bounce from Symmetrical Triangle
MATIC currently trades around $0.65 after bouncing from the $0.52 level, which aligns with support of a symmetrical triangle on the daily chart.
Symmetrical triangles typically act as continuation patterns, so this bounce suggests a resumption of MATIC's uptrend within the triangle formation.
Favorable Higher Timeframe Structures
On the weekly chart, the symmetrical triangle takes shape as a larger bull pennant, which is also a bullish continuation pattern.
The confluence of constructive structures on the daily and weekly timeframes paints a positive picture for MATIC over the near-term.
Measured Move Targets $1 Initially
The symmetrical triangle points to an initial measured move target around $1 if MATIC hold $0.50 Level.
Potential for $5+ in a Bull Market
Looking longer-term, if MATIC breaks and holds above $1 decisively on the weekly chart, the bullish structures project an extended move towards $5 first, with potential for $10 in a sustained crypto bull market.
Monitoring Key Support at $0.50
If macro conditions worsen, keeping an eye on the $0.50 support level is prudent. A breakdown below $0.50 would invalidate the bullishness and introduce downside risk towards $0.20.
However, the path of least resistance appears upward as long as $0.50 holds.
Conclusion
MATIC shows constructive technical patterns that could unleash significant upside if broader crypto tailwinds persist. The chart setup looks promising but maintaining a risk-managed approach is essential.
