Sustained Recovery in MATIC Price Eyes Next Target $1.5

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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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