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Following a bullish reversal from an ascending trendline, the MATIC coin price gave high momentum breakout from the $0.87 barrier. This resistance breakout should replenish the buying momentum and offers suitable support for buyers to resume prior recovery.
Key points
- The flattish crucial EMAs(20, 50, 100, and 200) accentuate a sideways trend.
- An ascending trendline maintains the ongoing bullish rally in the MATIC coin price.
- The intraday trading volume in the MATIC is $392.5 Million, indicating a 32.6% loss.
Source- –Tradingview
Amid the recent consolidation phase in the crypto market, the MATIC coin price managed to sustain above the $0.76 horizontal level and ascending trendline. The rising trendline reflects a steady uptrend and has supported the falling altcoin multiple times.
Furthermore, the bullish momentum replenished from the last reversal from this support on November 29th assisted buyers in surpassing the $0.87 barrier. The MATIC price showcased a massive breakout from the aforementioned resistance with strong volume, indicating the buyers’ confidence to reach higher.
As a result, the Polygon coin has jumped 10.5% in the past four days and currently trades at $0.91. However, the prices are reverted back to retest the breached resistance. If the buyers sustain above the $0.87-$0.864 mark, the post-retest rally could drive the altcoin $1.03 mark.
Conversely, a daily candle closing below the support trendline will offset the bullish thesis.
Nonetheless, the CEO & Founder of Eightglobal, Michaël van de Poppe recently shared a bullish outlook for MATIC price on his Twitter handle. He accounted the coin as “showing strength recently” and indicated a potential price retest to the $1.03 mark.
Request 01 – $MATIC
Showing strength recently.
If $0.84 grants a long, I'd be looking for one there.
Further, expecting continuation towards $1 and higher in the coming few weeks, potentially a retest at $1.30. pic.twitter.com/3IqDxw4n1w
— Michaël van de Poppe (@CryptoMichNL) December 2, 2022
Technical Indicators
EMAs: Along with $0.87 resistance, the massive green candle on November 30th breached a cluster of EMA slopes (20, 50, and 100). Thus, these reclaimed EMAs could offer additional support to bolster price recovery.
RSI: the daily-RSI jump above the neutral line highlight positive sentiment among market participants.
MATIC Coin Price Intraday Levels
- Spot rate: $0.91
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.965 and $1.03
- Support levels- $0.86 and $0.76
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