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The recent consolidation in MATIC price ended in the buyer’s favor as the technical chart revealed a double bottom pattern in play. Furthermore, the post-correction rally has pierced the $0.85 neckline resistance offering an entry opportunity for interested buyers. Can the replenished bullish momentum reclaim the $1.03 mark?
Key points from MATIC analysis:
- The MATIC price has surged 17.8% in the past five days.
- The double bottom pattern breakout may encourage MATIC price to surpass $1.03 ceiling
- The intraday trading volume in the MATIC is $581.2 Million, indicating a 35.3% gain
Source- –Tradingview
During the Third week of August, the crypto market witnessed a widespread correction. As a result, the MATIC/USDT pair corrected 26.5% from $1.03 and plunged to the combined support of $0.758 and 0.382 Fibonacci retracement.
Over the past two weeks, the MATIC price retested the $0.758 support multiple times, indicating the traders were actively buying at this level. Furthermore, this consolidation between the $0.85 and $0.758 barriers shaped into a double bottom pattern.
This bullish reversal pattern should encourage buyers to end the ongoing correction and resume the prior recovery. Thus, on September 1st, the MATIC price gave a decisive breakout from the $0.85 neckline resistance, indicating the completion of the bullish pattern.
Thus, the interest traders can enter now or wait for a proper retest for better confirmation. The post-correction rally may surge prices 15.4% higher to reach the prior swing resistance of $1.03.
On a contrary note, if MATIC fails to sustain above $0.85, the sellers may reattempt to knock out $0.758 support.
Technical Indicators
EMAs: along with the $0.85 breakout, the coin price breached the cluster of EMA(20, 50, and 100) resistances, offering an extra edge for buyers. However, the potential bull run could face strong resistance at 200-day EMA moving close to $0.958 resistance.
Relative Strength index: a daily-RSI slope that jumps above the neutral line indicates the market sentiment bolsters the recovery phase.
- Resistance levels- $1 and $1.18
- Support levels- $0.758 and $0.67
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