Polygon Price Analysis: Bullish Pattern may bring Directional rally in MATIC
Polygon (MATIC) is one of the top-100 cryptocurrencies that are green in the last 24hr as Bitcoin again dropped below $20000. The price recently triggered an inverted head and shoulder pattern, suggesting buyers are ready for another leg-up. But how far will the expected rally go?
Key points
- Inverted H&S pattern which could bring 32% recovery opportunity
- A daily-candle closing below neckline support would invalidate the bullish pattern
- The intraday trading volume in the MATIC is $725.4 Million, indicating a 77% gain
Source-Tradingview
The ongoing downtrend in the MATIC/USDT pair has witnessed high volatility over the past two months. As a result, the coin price couldn’t maintain a one-side direction, wavering above the $0.3158 support.
However, this consolidation shaped into an inverted head and shoulder pattern, offering a recovery opportunity for coin holders. Last week, the MATIC chart showed aggressive buying through the five consecutive green candles, which breached the neckline resistance of the pattern.
The following retest phase backed by low volume activity indicates the interest of traders on the buying side. Today, the MATIC price is 1.21% up, and trying to lead the post-retest rally.
If the coin buyers manage to sustain above the neckline flipped support, the sustained buying should lead 32% higher to $0.75.
On a contrary note, the high price rejection attached to today’s candle reflects the supply pressure undermining the bullish reversal pattern. A possible candle closing the trendline would overturn the bullish pattern and dump the MATIC price to $0.46.
Technical Indicators
EMAs: the coin price resonating between the 20-and-50-day EMA struggles to rally in a particular direction. Moreover, the price retested both these barriers indicates the traders respect them, and a breakout from either EMA should bolster the respective rally.
RSI indicator: the RSI slopes show a better bullish rally with new higher highs reflecting rising bullish momentum. This divergence supports the potential rally from the inverted H&S-pattern.
- Resistance levels- $0.68 and $0.75
- Support levels- $0.46 and $0.31
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
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.
