Polygon forms ascending triangle on weekly chart, bullish trend incoming

Polygon (MATIC) has found itself under the influence of bulls, rising by more than 4.68% as of 327 a.m. GMT
Polygon (MATIC) has found itself under the influence of bulls, rising by more than 4.68% as of 327 a.m. GMT

Polygon (MATIC) has found itself under the influence of bulls, rising by more than 4.68% as of 3:27 a.m. GMT. 

TheCoinRise recorded high activity on the Polygon network following Airdrop rumors. This high activity on the network was reflected in the last 24-hours as well. 

The data from CoinMarketCap shows a 24.64% surge in trading volume, which currently stands at $1.7 billion. Furthermore, the current market capitalization of the Polygon is $12.9 billion, with a market position of 18. 

The prices opened Friday, Nov 26, at $1.926, reaching a daily high of $1.967, followed by a daily low of $1.852. The current price rests at $1.85. 

The Polygon network was spammed by an arbitrage bot last month, as TheCoinRise reported. Following this attack, improvements were introduced to improve the network’s health, causing a 330% surge in activity on the Polygon network.

Polygon price analysis

It is important to note the ascending triangle is forming below in the weekly chart. This triangle suggests a bullish breakout. 

The price action continues in between the support and resistance trend lines shown in the diagram below. The buyers are increasing the buying pressure, suggesting an imminent breakout. 

The price target is calculated by taking the height of this triangle at the thickest point and adding or subtracting it from the breakout point. From this calculation, we can expect Polygon prices to reach $3 in the following weeks.

Polygon price analysis
MATIC price chart by TradingView

The price rose to the Bollinger Bands’ upper end, rising in double digits on Nov 23 and Nov 25. Also, the 50-day and 100-day Moving Averages continue to progress below the price, indicating that the buyers dominate the price fractal.

Polygon price analysis
MATIC price chart by TradingView

The RSI indicator accelerates in the bullish region, i.e., above 50-level. This also suggests a surge in buying pressure. However, the gradient is negative in the shorter term, and hence, lower Polygon prices might follow.

The MACD indicator shows a bullish divergence as the MACD line breaks above the signal line, and the histogram turns green.

Polygon price analysis
MATIC price chart by TradingView

On the other hand, Bitcoin breached the $57,000 price level and aimed for the $60K resistance as a classic showdown of bulls and bears continues.