Will This Bullish Pattern Release MATIC Price From Long-Coming Consolidation?

In response to the overall downtrend in the crypto market, the Polygon coin price restricted its bullish growth and walked a sideways trend for the past six months. However, during this consolidation, the price rebounded from the $0.76 support multiple times, validating this level as a high accumulation zone. Therefore, using the aforementioned level as a base support, the MATIC price shows the formation of a double bottom pattern. This pattern formation accentuates the price sustainability above a specific horizontal level and replenishes the bullish momentum for potential price recovery.

Key points

• The $0.87 breakout could drive the MATIC price 12.5% higher to reach $0.953
• The 200-day EMA wavering near the $0.888 mark will try to stall the potential price rally.
• The intraday trading volume in the MATIC is $1.35 Billion, indicating a 36.2% gain.

Source- –Tradingview

Amidst the recent new year recovery in the crypto market, the MATIC price rebounded from the $0.76 support and surged 14.6% higher. By press time, this altcoin traded at the $0.85 mark and showed a power struggle to break the $0.87 barrier. 

Thus, a possible post-rally pullback may tumble the prices by 4% down to $0.816 local support. However, under the influence of a bullish reversal pattern, the  MATIC price should witness a sustained rally to the $0.95 mark.

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The $0.95 is the neckline of the mentioned pattern, and its breakout will intensify the bullish momentum. As per the technical setup, the post-breakout rally travels the same distance as the length between the base support and neckline, shot from the breakout points.

Therefore, a breakout from the $0.95 barrier will drive the MATIC price 35% higher to reach the $1.15 mark.

Conversely, a breakdown from the $0.816 support invalidates the bullish thesis.

Technical Indicators

Bollinger Band: the MATIC price hitting the upper band of this indicator suggests aggressive buying activity in a relatively short period. Thus, the indicator encourages a possible pullback before the price resume the bullish pattern.

MACD: The increasing gap between the MACD and a signal line in bullish alignment indicates improving market sentiments.

MATIC Coin Price Intraday Levels

• Spot rate: $0.84
• Trend: Bearish
• Volatility: Low
• Resistance levels- $0.87 and $0.95
• Support levels- $0.81 and $0.757