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The Polygon(MATIC) price is up against a weekly resistance of $1.65, teasing a temporary pullback of 6-12% before the buyers could step in again. A successful bullish reversal from bottom support levels would positively switch traders’ sentiment.
Key points
- The 20-and-50-day EMA could assist buyers during a possible reversal
- The intraday trading volume in MATIC coin is $562.2 Million, indicating a 37% loss.
Source- Tradingview
A descending triangle pattern governed the current downtrend in the MATIC/USDT pair. However, the buyers prevented the sellers from extending loss below the $1.3 mark, which forms the neckline support of this price pattern.
The rising RSI slope indicated the bulls are strengthening their grip over each retest to the $1.3 bottom support. As a result, on March 16th, the altcoin gave a strong breakout from the dynamic resistance trendline, providing a recovery opportunity for MATIC holders.
The post retest rally surged the coin price 14.5%, hitting the combined resistance of $1.65 and 200-day EMA. On March 25th, the coin chart turned down from the overhead resistance with a 3.5% red candle.
The sustained selling could pull the MATIC price to minor support levels of $1.54 and $1.44. However, a possible reversal from this support or even $1.3 would suggest the traders are buying on dips.
Technical Indicators
The MATIC price retests the 200-day EMA along with $1.65 resistance. Therefore, a reversal from this resistance suggests the sellers continue to defend this level. On the other hand, the 50-day EMA tries to defend the buyers from facing excessive loss.
The Vortex indicator provides a bullish crossover among the VI+ and V- lines. The increasing spread within these lines suggests strong buying from traders.
- Resistance levels- $1.65 and $1.9
- Support levels- $1.54 and $1.44
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