NewsletterThis Bullish Pattern May Bring MATIC Price Back On Recovery Track; Is $1.5 Within Reach?
Within a fortnight, the MATIC price rebounded twice from $1.08 support and revealed the formation of a double bottom pattern in the daily time frame chart. This famous bullish reversal pattern will allow buyers to recuperate the buying momentum and trigger a price rally to surpass the $1.25 neckline resistance. Here’s how you may trade patterns to grab a long-entry opportunity.
Key Points
- A bullish reversal from the $1.08 support may push the MATIC price 9% higher to hit $1.25 resistance.
- A potential bullish breakout of $1.25 will signal the resumption of the prevailing recovery phase.
- The intraday trading volume in the MATIC is $600 Million, indicating an 8.4% loss.
Source- -Tradingview
The ongoing recovery in Polygon coin price halts at a local resistance zone of $1.25-$1.245. Furthermore, the coin price has been rejected twice from the aforementioned resistance within a fortnight, indicating the sellers are aggressively defending this resistance.
On the other hand, the MATIC price also showed lower price rejection candles at $1.08 the buyers are holding on to the reclaimed support levels. As a result, the selling climax at $1.08 and buying climax at $1.25 create a narrow range in the daily time frame chart.
By the press time, the MATIC price traders at the $1.14 mark and rebounded from $1.08 support with a 4% jump.
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Anyhow, this consolidation phase reveals the formation of a double bottom pattern. Under influence of a bullish pattern, the coin price should rise 9% to hit the $1.25 neckline resistance of the pattern.
If altcoin breaks this overhead neckline, the buyers will gain significant footing to prolong the prevailing bullish rally. Thus, a resumed recovery may push the MATIC price to potential targets of $1.35, $1.44, or $1.54.
Technical Indicators
RSI: The daily RSI slope wavering around the midline indicates a neutral sentiment in the market.
EMAs: the MATIC price sustaining above the 100-and-200-day EMAs maintain an overall bullish trend
MATIC Coin Price Intraday Levels
- Spot rate: $1.152
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $1.25, and $1.35
- Support levels- $1.08 and $1.04
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