What’s Next for MATIC Price after 20% Rise in a Week?

The current recovery cycle in the crypto market is likely associated with the interest of big asset management companies in spot Bitcoin ETF. The MATIC coin price received a certain boast in its relief rally as the market leaders Bitcoin and Ethereum witnessed significant inflow. If the bullish momentum persists, the altcoin would rise another 12-15% before hitting the next significant resistance. Is this a good time to invest?

Also Read: Polygon Launches ChatGPT-Powered Guide to Web3.0

MATIC Price Daily Chart

• The MATIC price is poised for a minor pullback before resuming the bullish recovery
• An ascending trendline carries the current relief rally in this coin.
• The intraday trading volume in the MATIC is $278.5 Million, indicating a 41.5% loss.

Source-Tradingview

For nearly two weeks, the MATIC price has been wobbling in a sideways trend struggling between the sentiment of an overall downtrend and accumulation pressure at the lower prices. However, as the bullish sentiment in the market rose, the buyers initiated a new relief rally with the assistance of a new ascending trendline(blue).

In the 4-hour time frame, the rising trendline offers dynamic support to buyers, bolstering the price to higher levels. Under the influence of the support trendline, the MATIC price showed 24% growth from last week’s swing low of $0.56 to reach the overhead resistance of $0.692. 

By press time, the coin price traded at $0.667, with an intraday gain of 1.62%.

Furthermore, the recent failure of prices to break the $0.71 resistance could trigger a minor correction to retest the support trendline. This pullback could offer interested traders an opportunity to enter and capitalize on the current recovery cycle.

Will MATIC Price Kickstart A New Recovery Cycle?

A potential retest to the aforementioned trend could replenish the bullish momentum in polygon coins to resume the current recovery rally. With sustained buying, the coin price could rise 12-15% before meeting the long-coming resistance trendline(red). The overhead resistance is leading to a downtrend in this altcoin for the last fours, and therefore its breakout is important to get a better confirmation for trend reversal.

• Exponential Moving Average: The 20-day EMA as dynamic resistance is assisting sellers to pressurize the MATIC price at lower levels.
• Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and signal(orange) increasing buying pressure among traders.