Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?

Brian Bollinger
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
MATIC coin

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?

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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.

MATIC/USDT ChartSource- 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.

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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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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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.