MATIC Price Breaks out of 3-Month Bullish Trend Hints at a 40% rally
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Brian Bollinger In the midst of the ongoing sell-off on the crypto market, MATIC price fell from $1.53-$1.5 resistance to witness a minor correction phase. The coin price has fallen for five consecutive days, with an 11.3% decline to the $1.36 mark. However, this downfall is a retest phase to the recently completed rounding bottom pattern after the $1.31 resistance breakout.advertisementKey Points The core concept behind the rounding bottom pattern is that it represents a gradual shift in investor sentiment from bearish to bullish.
A sustained recovery is indicated by the parabolic increase in MATIC price, backed up by an increasing volume.
The MATIC’s intraday trading volume is $735.2 Million. This indicates a 37.5% increase.
Source- -TradingviewThe formation of a rounding bottom pattern was evident in the MATIC coin’s price action over the last three months. This pattern is formed when the coin price falls gradually to a low point and then rises in a steady, rounded fashion. This gradual rise can continue until a price reaches a level equal or higher than the beginning point of the pattern. The MATIC price made a bullish breakout of the $1.31 neckline resistance on February 15th. This indicated that buyers were confident in reaching higher levels. The altcoin reached a local peak at $1.53, and then reverted to test the breached resistance. Trending Stories If the coin price is stable above $1.33-$1.31, interest traders may be able to look for an entry opportunity. The polygon coin price could rise 40% to the $1.88 mark. Contrary to popular belief, this bullish rally could face resistances at $1.53-1.75 and $1.74-1.75. Technical IndicatorsRSI – Despite rising price action, the daily RSI slope going sideways indicates weakness of bullish momentum. Thus, this bearish divergence indicates the MATIC price could witness strong pullbacks moving ahead.advertisementEMAs: The 20-day EMA has proven to offer strong support during the occasional pullback, and thus the traders can use it for trailing stop loss.MATIC Coin Price Intraday LevelsSpot rate: $1.37
Resistance levels: $1.53-1.5 and $1.74-1.
Support levels: $1.3 and $1.17
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.