An analyst explained that Polygon could see a potential bull rally to $1.73 if the cryptocurrency’s price is above this level.
Polygon Appears To Be Breaking Out Of A Symmetrical Triangle Currently
In a new post on X, analyst Ali talked about a multi-year Symmetrical Triangle that Polygon has been traveling inside. The “Symmetrical Triangle” is a pattern in technical analysis (TA) that, as its name already implies, looks like a triangle.
The pattern comprises two converging trendlines, with the upper line being made by joining lower highs in the price, while the lower level connects higher lows.
A feature of this pattern is that these two lines approach each other at roughly an equal (but opposite) slope. This is the reason why there is “symmetrical” in its name.
When the price trades inside the triangle, it tends to encounter resistance at the upper level. As such, tops can probably form at the line. Similarly, the lower line can act as a source of support, thus
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