Polygon (MATIC) Breaks Out From Consolidation, Preparing for a Lauch to Reach a New ATH in 2024

The post Polygon (MATIC) Breaks Out From Consolidation, Preparing for a Lauch to Reach a New ATH in 2024 appeared first on Coinpedia Fintech News

Polygon has been one of the strongest cryptos in the markets, thriving on well-built fundamentals. The MATIC price underwent a monstrous rally during the 2021 bull run and marked new highs above $3. Unfortunately, the bear market dragged the price to its lows at $0.317. Since then, the token has managed to maintain a steep ascending trend, and if the upcoming weekly close remains in bullish favour, a fresh upswing may lift the levels beyond $2.

The MATIC price has been trading within the triangle pattern, specifically a bull flag, ever since December 2022. Moreover, the token displays the possibility of breaking above the top resistance, which could be successful, confirming the trend. With this, the price is believed to reclaim the lost levels at $1 initially and later head towards the higher targets.

Regardless of the prevailing consolidation, the MATIC price continues to maintain a bullish weekly candle. Moreover, the price also displays a huge possibility of a bullish weekly close that may validate a fresh upswing in the first few days of 2024. The weekly RSI levels have been struggling to stay above average. The levels have formed a double bottom pattern and are testing the neckline, suggesting a breakout is on the horizon. 

The Polygon (MATIC) price prediction for 2024 seems to be bullish as the token is displaying extreme strength and is poised to mark new highs. The crypto, after failing to rise above the resistance in its previous attempt, has rebounded with more strength. The bullish volume has increased, which indicates the bulls have held a tight grip over the rally. 

Therefore, the crypto may set a fine upswing, which may lay down a notable rally in 2024, marking new highs, probably above $4 to $5.