MATIC Price Analysis: High Momentum Breakout from $0.75 Hints 16% Jump
Since last month, the Polygon(MATIC) has been rising under the influence of a support trendline. During this rally, the altcoin has sliced through several resistances and has recently jumped above $0.745. How far can this recovery rally go?
Key points
- The MATIC price soared 46% in the last five days
- The rising support trendline maintains the ongoing recovery.
- The intraday trading volume in MATIC is $1.05 Million, indicating a 42.3% gain.
Source- –Tradingview
Amid the ongoing uncertainty, the crypto market facing the MATIC price action shaped into an ascending triangle pattern. The $0.62 acted as a neckline resistance for this pattern, and on July 13th, the coin buyers gave a bullish breakout from this resistance.
The resulting rally has surged the MATIC price 20% higher, which currently trades at $0.772. Moreover, the buyers have also breached the $0.745 resistance, suggesting the buyers are aiming for another leg higher.
If the daily candle closes above the breached resistance, the buyers will acquire a suitable footing to extend the current recovery. As a result, the potential rally could jump 16.5% higher to the $0.9 mark.
On a contrary note, if the MATIC price fails to sustain above the $0.745 mark, the traders may expect a minor pullback to the support trendline.
Technical Indicators
DMAs: a bullish crossover between the 20 and 50 DMA is one of the early signs of a recovery rally. However, the 100 DMA currently opposing the market price bolsters the aforementioned pullback theory.
RSI indicator: the RSI slope shows a similar rally-like price action accentuating a genuine recovery. Moreover, the RSI slope may jump above the 70% mark, indicating aggressive buying from traders.
MACD indicator: the enlarged gap between the fast and slow lines as they moved above the neutral line, indicating a significant growth in bullish momentum.
- Resistance levels- $0.9 and $1
- Support levels- $0.75 and $0.63
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
