Polygon MATIC looks bullish. Hopes for $1.30

MATICUSDT

On April 16, Polygon's MATIC breached the resistance line of the symmetrical triangle pattern due to the bullish push. However, the breakout is not sustaining as the bulls are finding it difficult to hold onto the higher levels.

If the bears successfully pull the price below the resistance line, it could suggest a lack of demand at higher levels. This could keep the MATIC/USDT pair within the triangle for a few more days. Meanwhile, the gradual upward turn of the 20-day EMA ($1.13) and the RSI being in the positive territory indicate a slight advantage for the bulls.

If the price bounces back up from the resistance line, it would imply that the bulls have converted the level into support, and the pair could rally to $1.30. However, the bears may strongly defend this level.

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