New Resistance Breakout Sets Polygon Coin On 10% Upswing    

Brian Bollinger
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Polygon MATIC

The U-shaped recovery in the polygon coin price showed the formation of a rounding bottom pattern. This bullish reversal pattern is a sign of sustained recovery, which could gradually rise the coin’s market value significantly. Under the influence of this pattern, today, the polygon coin price gave a bullish breakout from the $1.13 barrier. Here’s how far this pattern may lead to a bullish recovery. 

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Key points 

  • A high momentum breakout from the $1.13 breakout sets the polygon coin for a 10% rise.
  • A golden crossover between the 50-and-200-day EMAs attracts more buyers in the market.
  • The intraday trading volume in the MATIC  is $1.07 Billion, indicating a 14% gain.

Polycoin CoinSource- –Tradingview

Amid the new year recovery in the crypto market, the Polygon coin price gave a bullish breakout from the monthly resistance of $0.95 on January 14th. This breakout indicated the prices are out of the accumulation zone and could trigger a fresh recovery rally.

However, the coin prices went sideways and above the breached resistance, trying to stabilize the bullish trend.  Thus, this correction phase was important for MATIC price as it neutralized the excess buying and checked coin sustainability at higher levels.

Thus, the replenished bullish momentum surged the prices higher and pierced immediate resistance of $1.04 and $1.13. Today, the polygon price traders at $1.17 and is 55% up since Jan 1st low. 

Also Read: Top Crypto Discord Servers/Groups Worth Joining In 2023

If the daily candle closes above $1.13, the buyers are getting a suitable launchpad to take a jump from and resume the bullish trend. With sustained buying, the coin price could rise 10% higher to hit the $1.3 neckline of the rounding bottom pattern.

However, in response to this pattern formation, the Polygon coin price should surpass the $1.3 barrier in the near future.

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Technical Indicators

EMAs: the falltish EMA(20, 50, and 100) started bending upward accentute a strong recovery in MATIC price

RSI: the daily-RSI slope rising back to the overbought region gives an additional confirmation that market sentiment favors bullish growth.

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Polygon Coin Price Intraday Levels

  • Spot rate: $1.17
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels- $1.3 and $1.145
  • Support levels- $1.13 and $1.04
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am 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. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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