Published 3 hours ago
MATIC Price Prediction: Amid the recent sell-off in the crypto market, the MATIC price witnessed a significant downfall in the last two weeks and plunged back to local support of $0.94. This support coincides with the 50% Fibonacci retracement level creating a strong accumulation zone that could assist buyers to recuperate bullish momentum. Moreover, a bullish reversal pattern spotted at $0.94 indicates a high possibility for the polygon coin to initiate a fresh rally.
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Key Points
- A correction phase to 50% FIB highlights the overall trend for polygon coins as bullish
- A bearish crossover between the 50-and-100-day EMA could encourage more selling in the market.
- The intraday trading volume in the MATIC is $415.5 Million, indicating a 16% gain.
Source-Tradingview
In the daily time frame chart, the MATIC price shows the formation of a double-bottom pattern. This is a commonly spotted reversal pattern that reflects the increasing buying pressure at a particular support.
Under the influence of this pattern, the MATIC price has surged 6.5% in the last two days and is currently trading at $0.9945. If the buying pressure persists, the coin price should rise another 4% and poke the $1.036 neckline resistance.
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A potential breakout from this resistance may keep the bullish momentum and offer buyers a significant footing to prolong the bullish rally. In favorable conditions, a breakout from this pattern’s neckline resistance offers a price rally of the same distance between the neckline and base support.
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Thus, the pattern completion may encourage another 9-10% jump to hit the $1.12 mark.
Technical Indicators
Exponential Moving Average: The 20-and-200-day EMA aligned with a $1.036 neckline strengthens the resistance power of this level.
Relative strength index: An uptick in the daily RSI slope accentuates the increasing buying pressure in the market.
MATIC Coin Price Intraday Levels
- Spot rate: $0.995
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.03 and $1.12
- Support levels- $0.94 and $0.84
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/matic-price-prediction-polygon-price-at-monthly-support-plots-a-quick-12-jump/
