More

    Buyers May Drive Polygon Coin Price Above $1.3


    Published 31 mins ago

    With the formation of a rounding bottom pattern, the polygon coin price witnessed sustained recovery since January 1st. In theory, this pattern offers a classic example of a trend reversal, as the u-shaped recovery shows a smooth transition from a downtrend to an uptrend. So far, this bull run has registered 60% growth as the price currently reached a $1.2 mark. However, here’s how the full potential of this pattern may influence MATIC’s future.

    Key Points 

    • The $1.3 resistance breakout could set MATIC price on a 50% upswing
    • The 20-day EMA offers dynamic support to rising coin price
    • The intraday trading volume in the MATIC  is $541.2 Million, indicating a 4.5% gain.

    Polygon Coin PriceSource- –Tradingview

    On February 1st, the polygon coin price gave a bullish breakout from another resistance level of $1.19. This breakout should offer buyers a significant footing to prolong this bullish rally. However, with the current uncertainty in the market, the price is still retested at the breached level for sufficient support.

    If the coin price shows sustainability above $1.19 support, the side-lined trades could grab an entry opportunity knowing the recovery rally is still intact. Thus, under the influence of the rounding bottom pattern, the MATIC price is poised to breach the neckline resistance of $1.3.

    Also Read: https://cryptoblogs.net/fantoms-5-week-winning-streak-is-in-danger-will-ftm-price-lose-35/

    In ideal bullish conditions, the neckline breakout leads to a bullish rally of the same distance available between the neckline and pattern bottom support, shot from the breakout point. Thus, the $1.3 breakout may push the Polygon coin price 50% higher to hit the $1.8 mark.

    Technical Indicators

    RSI: despite rising price action, the falling daily RSI slope indicates the exhaustion of bullish momentum. This bearish divergence hints strong possibility for minor correction before the price breach the $1.3 barrier.

    EMAs: a bullish crossover between the 100-and-200-day EMA accelerates the buying pressure in the market.

    • Spot rate: $1.2
    • Trend: Bearish
    • Volatility: Medium
    • Resistance levels- $1.3 and $1.45
    • Support levels- $1.19 and $01.05

    I follow the Blockchain & Cryptocurrency for the last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance.

    The presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement - spot_img

    You might also like...

    bitcoin
    Bitcoin (BTC) $ 27,295.31
    ethereum
    Ethereum (ETH) $ 1,903.72
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 306.47
    usd-coin
    USD Coin (USDC) $ 1.00
    xrp
    XRP (XRP) $ 0.541685
    staked-ether
    Lido Staked Ether (STETH) $ 1,902.07
    cardano
    Cardano (ADA) $ 0.3812
    dogecoin
    Dogecoin (DOGE) $ 0.073049
    solana
    Solana (SOL) $ 22.12
    matic-network
    Polygon (MATIC) $ 0.902689
    tron
    TRON (TRX) $ 0.081982
    litecoin
    Litecoin (LTC) $ 95.56
    polkadot
    Polkadot (DOT) $ 5.37
    binance-usd
    Binance USD (BUSD) $ 1.00
    avalanche-2
    Avalanche (AVAX) $ 14.89
    shiba-inu
    Shiba Inu (SHIB) $ 0.000009
    dai
    Dai (DAI) $ 1.00
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 27,330.32
    uniswap
    Uniswap (UNI) $ 5.05
    leo-token
    LEO Token (LEO) $ 3.60
    chainlink
    Chainlink (LINK) $ 6.51
    cosmos
    Cosmos Hub (ATOM) $ 10.84
    okb
    OKB (OKB) $ 45.74
    monero
    Monero (XMR) $ 148.80
    ethereum-classic
    Ethereum Classic (ETC) $ 18.36
    the-open-network
    Toncoin (TON) $ 1.76
    stellar
    Stellar (XLM) $ 0.091871
    bitcoin-cash
    Bitcoin Cash (BCH) $ 116.44
    internet-computer
    Internet Computer (ICP) $ 4.85
    true-usd
    TrueUSD (TUSD) $ 0.999469
    lido-dao
    Lido DAO (LDO) $ 2.31
    filecoin
    Filecoin (FIL) $ 4.67
    aptos
    Aptos (APT) $ 9.30
    quant-network
    Quant (QNT) $ 115.97
    hedera-hashgraph
    Hedera (HBAR) $ 0.050914
    crypto-com-chain
    Cronos (CRO) $ 0.061162
    arbitrum
    Arbitrum (ARB) $ 1.23
    near
    NEAR Protocol (NEAR) $ 1.64
    vechain
    VeChain (VET) $ 0.019989
    apecoin
    ApeCoin (APE) $ 3.36
    the-graph
    The Graph (GRT) $ 0.127793
    algorand
    Algorand (ALGO) $ 0.154341
    the-sandbox
    The Sandbox (SAND) $ 0.601298
    eos
    EOS (EOS) $ 0.92305
    paxos-standard
    Pax Dollar (USDP) $ 0.999831
    frax
    Frax (FRAX) $ 1.00
    render-token
    Render (RNDR) $ 2.68
    elrond-erd-2
    MultiversX (EGLD) $ 38.13
    rocket-pool
    Rocket Pool (RPL) $ 49.95
    optimism
    Optimism (OP) $ 1.50
    decentraland
    Decentraland (MANA) $ 0.513704
    fantom
    Fantom (FTM) $ 0.332786
    aave
    Aave (AAVE) $ 63.34
    tezos
    Tezos (XTZ) $ 0.929541
    blockstack
    Stacks (STX) $ 0.622292
    theta-token
    Theta Network (THETA) $ 0.851424
    axie-infinity
    Axie Infinity (AXS) $ 7.32
    rocket-pool-eth
    Rocket Pool ETH (RETH) $ 2,044.34
    immutable-x
    ImmutableX (IMX) $ 0.827213
    flow
    Flow (FLOW) $ 0.737056
    havven
    Synthetix Network (SNX) $ 2.39
    usdd
    USDD (USDD) $ 0.999729
    neo
    NEO (NEO) $ 10.51
    gala
    GALA (GALA) $ 0.030191
    bitdao
    BitDAO (BIT) $ 0.49522
    kucoin-shares
    KuCoin (KCS) $ 7.38
    whitebit
    WhiteBIT Token (WBT) $ 4.90
    curve-dao-token
    Curve DAO (CRV) $ 0.857383
    radix
    Radix (XRD) $ 0.067264
    bitget-token
    Bitget Token (BGB) $ 0.467478
    terra-luna
    Terra Luna Classic (LUNC) $ 0.000112
    bitcoin-sv
    Bitcoin SV (BSV) $ 33.22
    injective-protocol
    Injective (INJ) $ 7.92
    maker
    Maker (MKR) $ 689.40
    gatechain-token
    Gate (GT) $ 4.26
    klay-token
    Klaytn (KLAY) $ 0.18689
    iota
    IOTA (MIOTA) $ 0.205984
    conflux-token
    Conflux (CFX) $ 0.27233
    gemini-dollar
    Gemini Dollar (GUSD) $ 0.998894
    bittorrent
    BitTorrent (BTT) $ 0.00000059543553
    kava
    Kava (KAVA) $ 1.01
    chiliz
    Chiliz (CHZ) $ 0.10265
    pepe
    Pepe (PEPE) $ 0.000001
    tokenize-xchange
    Tokenize Xchange (TKX) $ 6.46
    casper-network
    Casper Network (CSPR) $ 0.046504
    pax-gold
    PAX Gold (PAXG) $ 1,951.29
    sui
    Sui (SUI) $ 0.971902
    mina-protocol
    Mina Protocol (MINA) $ 0.552477
    compound-ether
    cETH (CETH) $ 38.21
    gmx
    GMX (GMX) $ 56.09
    huobi-token
    Huobi (HT) $ 3.01
    dash
    Dash (DASH) $ 43.14
    ecash
    eCash (XEC) $ 0.000025
    xdce-crowd-sale
    XDC Network (XDC) $ 0.034906
    frax-share
    Frax Share (FXS) $ 6.66
    tether-gold
    Tether Gold (XAUT) $ 1,950.59
    trust-wallet-token
    Trust Wallet (TWT) $ 1.08
    frax-ether
    Frax Ether (FRXETH) $ 1,903.48
    woo-network
    WOO Network (WOO) $ 0.246212