Ever since the primitive crypto, Bitcoin is showcasing some signs of strength, many altcoins are also getting ready for a gigantic leap. MATIC price, woefully, initiated the current month trade on a bearish note following a descending channel. However, the past weekend emerged to be pretty bullish as the bearish divergence was flipped and Polygon price surged with a decent margin.
The asset amid the sideway trend had lost its spot within the top 20 crypto listing. However, the fresh spike made the asset enter the top 10 and in no time, Polygon could also enter the top 10 too. The price surged more than 11% and attained $1.866 slicing through the resistance levels at $1.76. However, the current MATIC price movement appears to be well on track for a massive leg up.
The analyst, The Wolf Of All Streets, marked the pattern followed by the asset ever since the MATIC price plunged more than 50% during the May crash. According to the pattern, the asset before pulling the next leg up always follows a downtrend channel. As Polygon breaks the downtrend line, it surges 75% to 80% before establishing yet another downtrend line.
Therefore considering Polygon may follow the same pattern for the third consecutive time, another 80% move may be imminent. The surge may uplift the MATIC price above $2.6 much close to its ATH at $2.68.However, the next resistance is around $1.95 to $2 with major resistance at $2.2. Until the asset remains above the $1.7 zone, Polygon is pretty bullish if the bears do not take over the control.