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
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