Published 11 minutes ago by
Brian Bollinger The MATIC price has been on a bullish run since January 1st, with a series new highs and lows. The coin price has risen 68% during this recovery and is currently trading at $1.267. The influence of a rounding top pattern is expected to lead to a sustained recovery of the coin price after the break of the $0.131 barrier. Thus, Here’s this pattern may influence the polygon coin’s future trajectory.advertisementKey Points The MATIC price is currently moving in a short consolidation between $0.31 and $0.178
The market is in a strong recovery phase thanks to the rising EMAs (20, 50, 100 and 200).
The MATIC’s intraday trading volume is $735.2 Million. This indicates a 37.5% increase.
Source: -TradingviewThe MATIC daily chart shows a rounding bottom pattern. This pattern is a sign of a sustained recovery and trend reversal according to technical analysis. The MATIC price daily time frame chart shows the formation of a rounding bottom pattern. The market value of most major crypto coins rose after the January CPI data was released. Trending StoriesThe MATIC price saw a significant inflow of funds on February 14th, and rebounded from $1.178. Trending StoriesThe altcoin price is currently trading at $1.27. It is nearing the $0.131 neckline for an upcoming rematch. A potential bullish breakout of this resistance could provide buyers with strong support to drive a further rally. In addition, the technical setup of this rounding bottom pattern could drive the MATIC price to $1.87Technical IndicatorsEMAs: The 20-day EMA has acted as a dynamic support for rising MATIC price, and thus traders can maintain a strong bullish outlook until this EMA remains intact.advertisementRSI: the daily-RSI slope moving sideways despite rising price action indicates a weakness in underlying bullish momentum. The coin price could see a longer consolidation before the actual breakout.
Trend: Bullish
Volatility Low
Resistance levels: $1.31 and 1.51
Support levels: $1.17 and 1.06
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.