NewsletterPolygon 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
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