MATIC Price Prediction: Double Bottom Pattern Could Lead MATIC Price To $2

By Brian Bollinger
March 28, 2022 Updated March 28, 2022
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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? 

Key points 

  • 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.

TradingView ChartSource- Tradingview

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.

Technical Indicators

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

From the past 5 years I 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. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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