MATIC Price Poised for 13% Upswing this Week; But there’s a catch

After the aggressive sell-off in early June, the MATIC price indicated a minor relief rally after the market sentiment improved. The 4-hour time chart showed an ascending trendline that has been assisting these buyers with dynamic support and maintaining a steady uptrend. Can this rally assist polygon coin to surpass $0.75?

Also Read: Cardano, Solana, Polygon (MATIC) Under Selloff Pressure From Robinhood and Celsius

MATIC Price 4-Hour Chart

• The decreasing volume associated with the current recovery indicates this bullish rally is temporary.
• A breakdown below the rising trendline will replenish the selling momentum to continue to the prior downtrend.
• The intraday trading volume in the MATIC is $260.5 Million, indicating a 9% gain.

 Source-Tradingview

Within the last three weeks, the MATIC price shows four bullish reversals from the rising support trendline. These bounce back reflect the buyers are actively buying the dips which could lead to a steady uptrend.

By the press time, the Polygon coin trades at $0.662 with an intraday gain of 2.7%. With sustained buying the buyers could drive the prices another 13% to hit the long-coming resistance trendline.

The overhead trendline could recuperate the selling pressure and bolster sellers to resume prior downtrends. A breakdown below the ascending support will offer additional conviction for a potential downfall, which could plunge the prices to $0.59

Will MATIC Price Reclaim $0.8 Mark

The MATIC price behavior of the two aforementioned trendlines would be crucial to determine the near-future trend. In case the bullish momentum persists, a breakout above the downsloping trendline will signal an early sign of trend change. The breached resistance will act as a significant launchpad to push the coin price to the first target of $0.818.

• Moving Average Convergence/Divergence: A bullish crossover between the MACD(blue) and signal(orange) line reflects a buy signal for short-term buyers.
• Exponential Moving Average: The rising MATIC price is likely to reclaim 4-hour EMAs(20, 50, 100, and 200) offering an additional confirmation for bullish recovery.