Was the climb on Tuesday the start of a rally in Matic?

Polygon Network (MATIC / USD) was traded over 8% higher on Tuesday due to large buying volumes. Matic is an Ethereum protocol that aims to "create, issue and manage digital securities on the blockchain". By creating a regulatory compliance standard (ST-20) for the issuance and management of security tokens, Polymath aims to "tokenize and trade" traditional and new classes of assets. Matic had corrected itself after a strong rally last week. It looks like the rally is over and Matic could soon be heading for a new all-time high.

Matic recovered more than 50% in less than a month in early December. Since then, the price has fallen this year, which could be a correction after the strong rebound. Matic has often recovered significantly after making corrections. There was also a small correction before the rally in December. Matic is also nearing strong support levels from which the previous recovery began. It looks like Tuesday's surge marked the start of the rebound and therefore Matic could hit new all-time highs soon. Also, Matic broke a trend line on Tuesday, showing that the bulls have returned to Matic. So should you buy Matic in the hopes of a new all-time high soon?

Matic has been trading in a sharp downtrend for the past week but has finally broken out of strong resistance. Another rally could start soon.
Investors can wait for the trendline to retest before entering a long entry as entering early would be risky due to the likelihood of a false breakout.
Investors can set a target of $ 2.7 followed by a new all-time high, but a stop loss should be maintained at $ 1.8.

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