The (Polygon)MATIC price challenges a share resistance of $1.75 and 200 DMA. However, the technical chart revealed a double bottom formation which increases the possibility of price breaching the overhead resistance. The altcoin currently trades at $1.7 with an intraday gain of 2%. Can we expect a breakout today?
- The daily candle shows a higher price rejection at $1.75 resistance.
- The intraday trading volume in MATIC is $819 Million, indicating a 74% gain.
On March 16th, the MATIC buyers gave a decisive breakout from the descending trendline, which had carried the downtrend since November 2021. The post-retest rally breached a near resistance of $1.53, and by accelerating 21.1%, it now tags the $1.75 resistance.
The new recovery rally shows the formation of double bottom patterns with the same neckline resistance at $1.75. If buyers could pierce and sustain above the neckline, the triggered bullish pattern will propel the coin to $1.88, followed by $2.05.
Alternatively, if sellers restrict the buyers’ attempt to rally ahead and close the daily candle below $1.7, the coin price may correct 10% to retest the flipped support of $1.5.
The 200 DMA near the $1.75 resistance could add an extra burden on buyers to prevent a successful breakout. On the other hand, the 50 DMA flipped support could prevent sellers from dumping the altcoin to the $1.35 mark.
The Moving Average Convergence Divergence (MACD) indicator encourages a bullish breakout from $1.75 as fast and slow are entering the bullish zone. In addition, the rising green bars on the histogram chart state an increasing bullish trend.
- Resistance levels- $1.75 and $1.88
- Support levels- $1.53 and $1.34
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