Can This Bullish Pattern Assist Polygon Coin To Reach $1?

The Polygon coin chart shows the formation of the Flag pattern in the daily time frame chart. In theory, the ongoing correction is responsible for stabilizing the aggressive buying from the previous rally. Furthermore, a bullish breakout from the pattern’s resistance trendline triggers this continuation pattern and may resume the prevailing recovery.
Key points
- The polygon coin price continues to face selling pressure at the resistance trendline.
- A breakout above the resistance trendline will invalidate the downside theory.
- The intraday trading volume in the MATIC is $748.3 Million, indicating a 24.5% gain.
Source- –Tradingview
The declining trend continues in the Polygon market price within a flag, accounting for a drop of 31.5%. Additionally, the price drop breached the crucial support level of $0.75, leading to a dump of $0.69.
However, the price obtained significant support at the pattern’s support trendline and revert the coin 20%. Furthermore, the recovery rally challenges the wedge patterns resistance trendline increasing the possibility of a bullish breakout.
Also read: Take Crypto Gambling To A New Level With Polygon On 1xBit
Currently, the Polygon market price shows a growth of 4.22% resulting in multiple bullish engulfing candles. Furthermore, the spike in buying pressure during the recovery rally increases the possibility of a bullish breakout.
Thus, daily candle closing above the resistance trendline will indicate a shift in market sentiment from selling on rallies to buying on dips. Moreover, a post-breakout rally may offer a long-term buying opportunity with a target of the $1 level.
On a contrary note, if the selling pressure persists and reverts the price from this resistance, a prolonged correction might test the psychological mark of $0.50.
Technical Indicators
EMAs: the flattish EMAs (20, 50, and 100) accentuate a sideway rally in MATIC price.
MACD Indicator: the rising spread between the bullish alignment of MACD and the signal line shows sustained buying activity from traders. Moreover, these on the verge of crossing above the midline will offer additional confirmation for buyers.
Polygon Coin Price Intraday Levels
- Spot rate: $0.83
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.94 and $1.02
- Support levels- $0.755 and $0.7
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?