MATIC/USDT Technical Analysis: Deciphering the Chart Setup
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 of around $1 if MATIC can break out above the upper triangle trendline.
Reclaiming the key $1 level would likely propel additional upside momentum.
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 an extended move towards $5 first, with the 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.