Is This the Last Pullback In MATIC Price Before a Leap to $1?

Over the past five months, the MATIC price has maintained a steady recovery under the influence of a rising trendline. From the June 10th low of $0.509, the coin price surged 51% and currently trades at the $0.779 mark. The series of new higher highs and lows reflect sustained recovery that traders can use to accumulate polygon coins.

Also Read: What’s Driving Polygon (MATIC) Price Rally In July 2023?

MATIC Price Daily Chart: 

• A rising trendline governs the current recovery in MATIC price
• The coin price could plunge 7-8% before meeting significant support
• The intraday trading volume of the Polygon coin is $10.7 Million, showing a 37% gain.

Source- Tradingview

Amid the recent surge in the crypto market, the MATIC price gave a bullish breakout from the $0.8224 resistance. However, the buyers could not sustain a higher level, and the prices plunged below $0.822, creating a fake breakdown scenario.

This bull trap accelerated selling pressure and plunged the price by 11% in the last three days. The polygon price currently trades at $0.78 and is likely to plunge another 7-8% to retest the rising trendline.

The prices have already bounced twice from this dynamic support, offering an opportunity to buy a dip. If the buyers sustain this trendline, the bullish recovery will prolong and drive to $0.95.

Can Polygon Price Go Back To $0.55?

Until the rising trendline is intact, the MATIC price may prolong the recovery rally. However, in case the market sentiment shows weakness, the sellers may breach the support trendline. The post-breakdown could plunge the altcoin 28% down to $0.55. 

• Bollinger Band: The upper band of the Bollinger band indicator challenged on the upside indicates bullish momentum is strong.
• Average Directional Index: The rising daily ADX slope at 25% reflects the buyer’s potential for a long rally.