NewsletterPolygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
Polygon (MATIC) has been one of the top-performing cryptocurrencies this week, registering an 80% growth in the last six days. The V-shaped recovery breached the immediate resistance of $0.47 and just today, $0.57. Can coin buyers sustain this bullish breakout?
Key points
- MATIC price breached dual resistance of descending trendline and $0.5
- The bullish crossover in the MACD indicator gives a buy signal
- The intraday trading volume in MATIC is $1.2 Billion, indicating a 43% gain.
Source- Tradingview
On June 11th, the MATIC price gave a decisive breakdown from $0.575 neckline support of descending triangle pattern. Losing this support, altcoin continued on its downward spiral and depreciated 44.65%.
As a result, the extended downfall reached a new 2022 low of $0.332 on June 18th. However, while the crypto market takes a breather from the prevailing downtrend, the MATIC price bounced back from the $0.332 mark with a daily-inside candle.
A gradual rise in volume activity amid the V-shaped recovery indicates a genuine rally. With a 70% volume pump, the MATIC is 7.5% up today and shows a strong breakout from $0.575 resistance.
If MATIC buyers give a candle closing above the $0.575 mark, the accelerated buying momentum could drive the altcoin 23% higher to $0.75.
Alternatively, a failed attempt to sustain above the $0.75 mark could trigger a minor pullback to the $0.47 mark.
Technical Indicators
MACD indicator: A widespread gap between the MACD and signal line after a bullish crossover accentuates rising bullish momentum and gives additional confirmation to long trades.
Bollinger band: since early April, the MATIC price has traded below the midline of the Bollinger band indicator; however, with a recent price jump, the buyers breached the neutral line, indicating the buyers are wrestling to obtain trend control.
- Resistance levels- $0.67 and $0.75
- Support levels- $0.57 and $0.47
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