Will This Bullish Pattern Release MATIC Price From Long-Coming Consolidation?

Will This Bullish Pattern Release MATIC Price From Long-Coming Consolidation?

polygon matic

Published 1 hour ago

In response to the overall downtrend in the crypto market, the Polygon coin price restricted its bullish growth and walked a sideways trend for the past six months. However, during this consolidation, the price rebounded from the $0.76 support multiple times, validating this level as a high accumulation zone. Therefore, using the aforementioned level as a base support, the MATIC price shows the formation of a double bottom pattern. This pattern formation accentuates the price sustainability above a specific horizontal level and replenishes the bullish momentum for potential price recovery.

Key points 

  • The $0.87 breakout could drive the MATIC price 12.5% higher to reach $0.953
  • The 200-day EMA wavering near the $0.888 mark will try to stall the potential price rally.
  • The intraday trading volume in the MATIC is $1.35 Billion, indicating a 36.2% gain.

MATIC PriceSource- –Tradingview

Amidst the recent new year recovery in the crypto market, the MATIC price rebounded from the $0.76 support and surged 14.6% higher. By press time, this altcoin traded at the $0.85 mark and showed a power struggle to break the $0.87 barrier. 

Thus, a possible post-rally pullback may tumble the prices by 4% down to $0.816 local support. However, under the influence of a bullish reversal pattern, the  MATIC price should witness a sustained rally to the $0.95 mark.

Also Read: Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks

The $0.95 is the neckline of the mentioned pattern, and its breakout will intensify the bullish momentum. As per the technical setup, the post-breakout rally travels the same distance as the length between the base support and neckline, shot from the breakout points.

Therefore, a breakout from the $0.95 barrier will drive the MATIC price 35% higher to reach the $1.15 mark.

Conversely, a breakdown from the $0.816 support invalidates the bullish thesis.

Technical Indicators

Bollinger Band: the MATIC price hitting the upper band of this indicator suggests aggressive buying activity in a relatively short period. Thus, the indicator encourages a possible pullback before the price resume the bullish pattern.

MACD: The increasing gap between the MACD and a signal line in bullish alignment indicates improving market sentiments.

MATIC Coin Price Intraday Levels

  • Spot rate: $0.84
  • Trend: Bearish
  • Volatility: Low
  • Resistance levels- $0.87 and $0.95
  • Support levels- $0.81 and $0.757

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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