The Price of MATIC is in One Hell of a Triangle

After selling off with the rest of crypto last month we have seen the price of matic consolidate on a support level while putting in lower highs.

The price move moment forms a triangle pattern when laid out on a chart as you can see below.

Triangle Break Coming

The real question is, which way will it break?

Granted the lower highs we have continuously seen is bearish price action, but the support at 1.05 has been holding strong.

If the bulls can hold the line at 1.05 a bit longer, then price will push out of the triangle pattern without a break down.

The good news is with the really tight trading range the past week or so any move higher will create a higher high so to speak.

Ideally price breaks the descending trendline and attacks the 1.40 area, which represents the last consolidation level before we got the big red candle sell off down to 1.05 back in mid June or so.

If for some reason the bears sell matic off through 1.05 then we would watch the 75-80 cent level for the next potential support.

Posted Using LeoFinance ^Beta