Rising MATIC Price Triggers A 3-Month-Long Bullish Pattern; Is $1.8 Within Reach?
The MATIC coin price has shown a sustained recovery since the beginning of 2021. So far, the parabolic rally registered a 97% gain from January 1st and revealed the formation of a rounding bottom pattern. Thus, with the increasing buying pressure in the crypto market, the coin has recently breakout from the $1.3 neckline resistance of the bullish pattern. Here’s how this breakout may influence the future price of polygon coin
Key Points
- In theory, the formation of a rounding bottom pattern is a sign of sustained recovery and trend reversal.
- For over a month and a half, the MATIC price showcased a series of new higher highs and higher lows, indicating that traders are actively buying on dips.
- The intraday trading volume in the MATIC is $133.5 Million, indicating a 30% gain.
Source- -Tradingview
Amid this recovery, the buyers have a massive breakout from the $1.3 neckline resistance of the rounding bottom pattern on February 15th.
This bullish breakout should offer buyers strong support to lead a further rally. However, on February 16th, the daily candle showed a long-wick rejection from a local resistance of $1.46, indicating the sellers continued to defend this resistance.
Thus, even though MATIC’s price shows a long bullish candle with a 7.64% intraday gain, the buyers need the daily candle to close above the $1.46 barrier to undermine the aforementioned selling pressure.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
In an ideal bullish condition, the technical setup of the rounding bottom pattern should lead a bullish rally to the $1.87 mark.
On a contrary note, if today’s candle closes below $1.46, the coin holders may witness a minor pullback to $1.3 before the recovery rally resumes.
Technical Indicators
EMAs: The 20-day EMA is intact the coin holders can expect an aggressive bullish rally in the MAITC price
MACD: A bullish crossover between the MACD(Blue) and the signal(orange) line is a strong bullish sign forming additional confirmation for buyers.
MATIC Coin Price Intraday Levels
- Spot rate: $1.47
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.7-$1.73 and $2.05
- Support levels- $1.46 and $1.3
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