MATIC Token Breaks-Out Targeting 2.80
Asset:
MATIC TOKEN
Polygon’s MATIC token has broken out of an inverse head-and-shoulders formation that has been developing since early July on its daily chart. After moving past the pattern’s neckline at 1.63, the altcoin surged by more than 10% to hit a high of 1.80.
-A further increase in buying pressure around the current price levels could push MATIC’s price by another 56% towards 2.80. This target is determined by measuring the inverse head-and-shoulders’ widest range and adding that distance upward from the breakout point.
-Given the significant interest around the 1.63 support level, token holders would likely do anything to prevent their investments from going out of the money. They may even buy more tokens allowing prices to rebound and reach the head-and-shoulders’ target of 2.80.
-For more chart analysis on the crypto market follow, and if you agree with this, like and share.
MATIC TOKEN
Polygon’s MATIC token has broken out of an inverse head-and-shoulders formation that has been developing since early July on its daily chart. After moving past the pattern’s neckline at 1.63, the altcoin surged by more than 10% to hit a high of 1.80.
-A further increase in buying pressure around the current price levels could push MATIC’s price by another 56% towards 2.80. This target is determined by measuring the inverse head-and-shoulders’ widest range and adding that distance upward from the breakout point.
-Given the significant interest around the 1.63 support level, token holders would likely do anything to prevent their investments from going out of the money. They may even buy more tokens allowing prices to rebound and reach the head-and-shoulders’ target of 2.80.
-For more chart analysis on the crypto market follow, and if you agree with this, like and share.
