Rising MATIC Price triggers a 3-Month-Long Bullish pattern; Is $1.8 within Reach?
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Brian Bollinger Since the beginning of 2021, the MATIC coin price has been in steady recovery. The parabolic rally has seen a 97% increase since January 1st, and revealed a rounding bottom pattern. The coin has been able to break the $1.3 neckline resistance that was the bullish pattern due to increasing buying pressure. Here are some key points to consider as this breakout could impact the future price for polygon coinadvertisementKey Points The formation of a rounding top pattern is thought to be a sign that there has been a sustained recovery and trend reversal.
Over the past month and a quarter, the MATIC price has shown a series new higher highs as well as higher lows. This indicates that traders are actively buying dips.
The MATIC’s intraday trading volume is $133.5 million, which indicates a 30% gain.
Source: -TradingviewBuyers have made a huge breakout from $1.3 neckline resistance at the rounding bottom pattern of February 15th. This bullish breakout should provide buyers with strong support to continue their rally. The daily candle on February 16th showed a rejection of a $1.46 local resistance, which indicates that sellers are continuing to defend this resistance. Trending StoriesThe MATIC price has a bullish candle showing a 7.64% intraday increase. However, the buyers will need the daily candle close above $1.46 to reduce the selling pressure. Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023In an ideal bullish condition, the technical setup of the rounding bottom pattern should lead a bullish rally to the $1.87 mark.On a contrary note, if today’s candle closes below $1.46, the coin holders may witness a minor pullback to $1.3 before the recovery rally resumes.Technical IndicatorsEMAs: The 20-day EMA is intact the coin holders can expect an aggressive bullish rally in the MAITC priceadvertisementMACD: A bullish crossover between the MACD(Blue) and the signal(orange) line is a strong bullish sign forming additional confirmation for buyers.MATIC Coin Price Intraday LevelsSpot rate: $1.47
Resistance levels: $1.7-$1.73 or $2.05
Support levels: $1.46 and $1.3
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