MATIC Price Prediction: Polygon Price Out from Long-Consolidation Forcast a 15% Rise
MATIC Price Prediction: For the past six weeks, the MATIC price resonated in a sideways trend indicating an indecisive sentiment among traders. However, this consolidation responded to two converging trendlines which reflected the formation of a symmetrical triangle pattern. A recent bullish breakout from this pattern indicates the buyers won the tug-of-war within the pattern suggesting a higher chance of uptrend continuation.
Key Points
- A bullish breakout from the triangle pattern sets the coin price for a 13% rally
- A bullish crossover between the 20-and-50-day EMA intensifies the buying pressure in the market.
- The intraday trading volume in the MATIC is $318.5 Million, indicating a 15% loss.
Source-Tradingview
On April 14th, the MATIC coin price gave a bullish breakout from the above resistance trendline of a symmetrical triangle. This triangle breakout acts as a sign of reversal indicating the end of the prevailing correction phase.
As of now, the coin price trades around the $1.16 mark hovering above the breached trendline, showcasing its sustainability. If the buyers obtained suitable support from the resistance trendline the prices would rise 15% to the $1.31 barrier.
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Furthermore, the rising support trendline is still intact and can assist coin holders to prolong the potential recovery.
However, a breakdown below it could undermine the bullish thesis and accelerate the selling pressure.
Technical Indicators
Exponential Moving Average: with the recent breakout, the MATIC price reclaimed the daily EMAs(20, 50, 100, and 200) offering multiple support levels to maintain higher grounds.
MACD: The MACD(blue)and signal(orange) line surge above the midline indicating the buyers are gradually taking over trend control
MATIC Coin Price Intraday Levels
- Spot rate: $1.16
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.3 and $1.4
- Support levels- $1.02 and $0.924
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