MATIC Price Analysis: This Symmetrical Triangle Breakout Holds The Key To Bull Rally

Brian Bollinger
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Polygon MATIC Price

The MATIC price action remains trapped within a symmetrical triangle in the daily chart as the recent bull cycle fails to rise above the resistance trendline. Hence, the short-term seems bearish as the trend retraces to the support trendline. However, the mystery of the long-term trend is confined to the triangle pattern. 

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Key technical points: 

  • The MATIC sellers test the 20-day EMA.
  • The intraday trading volume in MATIC is $1.10 Billion, indicating a 12.84% loss.
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Polygon (MATIC) Resonates Within Triangle

TradingView ChartSource- Tradingview

The recent reversal of 5.86% plunged the altcoin to the $1.75 mark. If sellers slip the price below this support, the altcoin would retest the bottom trendline, along with the threat of bearish breakdown.

On a contrary note, lower price rejection at this support indicates the buyers are trying to turn the price around. If they succeed, the buyers would drive the price higher to retest the overhead resistance.

However, the crypto traders can expect a genuine directional move once the price breach either of these trendlines.

The Moving average convergence divergence indicator shows the fast and slow line rising above the zero line mark despite the falling distribution of the bullish histograms.

TradingView ChartSource- Tradingview

The bull cycle of the MATIC coin price fails to surpass the resistance trendline despite the 13% rise on February 15th. The sellers at the resistance trendline crush the bullish revolt resulting in a bearish reversal.

Therefore, the short-term downtrend brings selling opportunities as the bear cycle may shortly test the support trendline. 

The Polygon token price sustains above the 200-day EMA but cracks below the 20-day average. However, the bullish alignment of the averages keeps the bullish hope alive.

The daily-Relative Strength index slope wavering around the midline signals indecisiveness among the market participants.

  • Resistance levels- $1.77 and $2
  • Support levels- $1.5 and $1.3
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.