MATIC Price Prediction: Polygon Price at Crucial Support Plots a 50% Rally; Enter Today?
MATIC Price Prediction: In the weekly time frame chart, the Polygon coin shows its prices have been respecting two rising trendlines which reveals the formation of a broadening channel pattern. The most common outcome of this pattern is it triggers a significant downfall upon the breakdown of its support trendline. However, there are other criteria the traders must consider before entering the coin under the influence of this channel pattern.
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Key Points
- In theory, the increasing gap between the channel’s trendline reflects the increasing indecisiveness and uncertainty among participants.
- Multiple support level accumulated at $1 support indicates a higher possibility for an upcoming bullish reversal
- The intraday trading volume in the MATIC is $318.5 Million, indicating a 15% loss.
Source-Tradingview
Amid the recent sell-off in the crypto market, the MATIC price has plunged back to the channel pattern’s support trendline. Moreover, along with the trendline at $1 psychological support, this level is also near the 50% Fibonacci retracement level and 100-day EMA slope.
These accumulated supports create a strong launchpad for coin buyers to sustain at a higher price. If buyers manage to hold above the rising trendline, the prices are likely to witness a bullish reversal and trigger a bull cycle within the pattern.
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A possible target for this reversal could be the last swing high of $1.5, indicating a potential target of 50%.
Anyhow the ongoing bullish rally will prolong until the pattern’s support trendline is intact, as a breakdown below it will invalidate the bullish thesis and signal the resumption of the prior downtrend.
Technical Indicators
Exponential Moving Average: with the recent downfall, the MATIC price dipped below the 20-and-50 EMAs after two months.
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RSI: The daily RSI slope nosedived below the midline indicating the rising negative sentiment among market participants.
MATIC Coin Price Intraday Levels
- Spot rate: $0.99
- Trend: Bearish
- Volatility: Low
- Resistance levels- $1.07 and $1.24
- Support levels- $1 and $0.94
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