Polygon price shows potential for more uptrend gains in the months to come. Key levels have been defined to determine the next directional trade from the ongoing consolidation.
MATIC price looks optimistic
Polygon’s MATIC price diverged significantly from the rest of the crypto market this year. While the majority of crypto tokens have succumbed to Bitcoin’s ongoing downtrend, MATIC has shown applaudable strength, rallying by 220% since July. The impressive rally established a 5-wave Elliott wave pattern, and a consolidation is now taking place near the $0.90 zone.
MATIC price currently auctions at $0.89 as the smart contract token is down 3% since December 1. Still, the Polygon Network token may be the only cryptocurrency that settled November’s auction higher than the previous month (November closed at $0.93, and October closed at $0.90.)
If the market is genuinely bullish, jumping down to smaller time frames will provide the best cost basis for a future uptrend move. A breach of the $0.92 barrier could induce a second retest of November’s high at $1.30. Under the bullish scenario, the MATIC price would rise by 45%.
On the contrary, the bears may be able to continue the current consolidation further south. A breach of the $0.84 support zone could induce a decline targeting November’s low at $0.77. The Polygon Network token would decline by 15% if said price action were to occur.
