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.
- 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.
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.
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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.
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
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.