Sustained Recovery In MATIC Price Eyes Next Target of $1.5
With a series of new higher highs and higher lows, the MATIC price has continued to have a bullish rally since January 1st. During this recovery, the coin price gained 68% and currently trades at $1.267. Furthermore, under the influence of a rounding bottom pattern, the coin price is expected to witness sustained recovery after the breakout of the $0.131 barrier. Thus, Here’s this pattern may influence the polygon coin’s future trajectory.
Key Points
- The MATIC price is currently moving in a short consolidation between $0.31 and $0.178
- The rising EMAs(20, 50, 100, and 200) accentuates a strong recovery phase in the market
- The intraday trading volume in the MATIC is $735.2 Million, indicating a 37.5% gain.
Source- –Tradingview
The MATIC price daily time frame chart shows the formation of a rounding bottom pattern. The emergence of this pattern itself is marked as sustained recovery and trend reversal in technical analysis.
As of now, the coin price wobbles between the pattern’s neckline resistance of $0.131 and the $1.178 support level, creating a narrow range. Moreover, with the release of January CPI data, the crypto market turned bullish and surged in the market value of the majority of major crypto coins.
Thus, the MATIC price witnessed a significant inflow on February 14th and rebounded from the $1.178 mark. The altcoin is currently trading at $1.27 and is approaching the $0.131 neckline for a rematch.
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A potential bullish breakout from this resistance could offer buyers strong support to lead a further rally. In addition, the technical setup of this rounding bottom pattern could drive the MATIC price to $1.87
Technical Indicators
EMAs: The 20-day EMA has acted as a dynamic support for rising MATIC price, and thus traders can maintain a strong bullish outlook until this EMA remains intact.
RSI: the daily-RSI slope moving sideways despite rising price action indicates a weakness in underlying bullish momentum. Thus, the coin price may witness a longer consolidation for the actual breakout.
MATIC Coin Price Intraday Levels
- Spot rate: $1.27
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.31 and $1.51
- Support levels- $1.17 and $1.06
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