As the digital asset market awaits notable price movement in the coming summer months, Polygon (MATIC) is currently targeting $0.8 in June as a rally could be forming. Indeed, analysts have identified one notable pattern that could have massive implications for the bullish trajectory of the assets.
The asset is poised to enter the Ichuiumoku Cloud, which could denote increased volatility. However, the observation of various other critical indicators has increased the potential for bullish momentum to form for the crypto. Over the last 7 days, the token has already increased 4%, according to CoinMarktCap.
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Polygon Could Eye $0.8 Level Amid Bullish Indicators
Few cryptocurrencies have underperformed to the level of Polygon thus far in 2024. Approaching the midpoint in the year, the token has failed to generate any notable momentum. In that regard, it is aligned with Ripple (XRP) as one of the most stagnant cryptocurrencies that sports immense potential to start the year.
However, there is reason to believe that could change. Indeed, Polygon (MATIC) has technical indicators that inform a potentially bullish sentiment, as it could target $0.8 in June. Specifically, the EMA 100 and an Ichimoku baseline support that the asset could be set to surge.
April 9th represents the last time that Polygon attempted to trade above the EMA 100. That speaks to a bearish sentiment for the token, but it is combined with the assets entry into the Ichimoku Cloud. Although the support at the lower boundary of the could is proving immensely resilient, its position within suggests growing volatility for MATIC in the near term.
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Even more so, Polygon has been testing the 0.618 Tibonnacci retracement level. That resistance point is critical to observe, as a breakout from there could be massively important to facilitating the incoming rally.
An impending breakout would allow the price to further ascend to the cloud’s upper portions. Subsequently, it would meet higher resistance levels at further technical obstacles. However, its continued increase would allow it to test the 0.5 Fibonacci level, which is currently between $0.78 and $0.8.
Now, all eyes are on how the asset will perform in light of these technical developments. There is hope that it could set up a sustained run in the summer months. However, it has not infused investors with confidence, given its recent failures to generate notable momentum.