NewsletterMATIC Price Prediction: Polygon Price at Monthly Support Plots a Quick 12% Jump
MATIC Price Prediction: Amid the recent sell-off in the crypto market, the MATIC price witnessed a significant downfall in the last two weeks and plunged back to local support of $0.94. This support coincides with the 50% Fibonacci retracement level creating a strong accumulation zone that could assist buyers to recuperate bullish momentum. Moreover, a bullish reversal pattern spotted at $0.94 indicates a high possibility for the polygon coin to initiate a fresh rally.
Key Points
- A correction phase to 50% FIB highlights the overall trend for polygon coins as bullish
- A bearish crossover between the 50-and-100-day EMA could encourage more selling in the market.
- The intraday trading volume in the MATIC is $415.5 Million, indicating a 16% gain.
Source-Tradingview
In the daily time frame chart, the MATIC price shows the formation of a double-bottom pattern. This is a commonly spotted reversal pattern that reflects the increasing buying pressure at a particular support.
Under the influence of this pattern, the MATIC price has surged 6.5% in the last two days and is currently trading at $0.9945. If the buying pressure persists, the coin price should rise another 4% and poke the $1.036 neckline resistance.
A potential breakout from this resistance may keep the bullish momentum and offer buyers a significant footing to prolong the bullish rally. In favorable conditions, a breakout from this pattern’s neckline resistance offers a price rally of the same distance between the neckline and base support.
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Thus, the pattern completion may encourage another 9-10% jump to hit the $1.12 mark.
Technical Indicators
Exponential Moving Average: The 20-and-200-day EMA aligned with a $1.036 neckline strengthens the resistance power of this level.
Relative strength index: An uptick in the daily RSI slope accentuates the increasing buying pressure in the market.
MATIC Coin Price Intraday Levels
- Spot rate: $0.995
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.03 and $1.12
- Support levels- $0.94 and $0.84
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