Will $MATIC Revisit $0.52 Amidst Flat Market Conditions?

MATIC Price Analysis: After witnessing an aggressive bloodbath in early June, the MATIC price turned sideways and started coiling in a narrow range. The daily candles show short bodies and rejection wicks on either side, indicating no clear dominance from buyers or sellers. However, a closer look at the lower time frame chart shows the formation of a symmetrical triangle pattern. Amid the time of uncertainty, this pattern could give better clarity for a potential rally.

Also Read: Polygon 2.0 Released As the Value Layer of the Internet, MATIC Price Up 2.5%

MATIC Price 4-Hour Chart

• A bullish breakout from the resistance trendline is needed to trigger a significant recovery.
• The $0.52 level stands as a strong demand zone for MATIC buyers
• The intraday trading volume in the MATIC is $226.5 Million, indicating a 4.57% gain.

Source-Tradingview

The current uncertainty reflected in MATIC price is likely the conflict between the overall downtrend and buying pressure arising from discounted market value. As a result, the coin price has been moving sideways for over a week now. 

However, this consolidation is restricted to two converging trendlines of a symmetrical triangle pattern. As of now, the polygon coin trades at $0.604 with an intraday loss of 1.5%. 

This triangle pattern is known as a continuation pattern, and therefore, the prices are more likely to break the lower trendline to resume the prior downfall. A 4-hour candle closing below the trendline will replenish the selling pressure and may plunge 13% down to revisit $0.52 support.

Will MATIC Price Reclaim $0.8 Mark?

With a lesser possibility, the MATIC price can still break the resistance trendline of the triangle pattern and triggers a bullish upswing. This breakout could push the altcoin 22.5% higher before hitting the crucial resistance of the downsloping trend near $0.75. This trendline has been carrying the current downtrend in MATIC price, and therefore a breakout above it is needed to initiate a significant recovery above $0.8

• Bollinger Band: The bands of Bollinger Band squeeze accentuated the current indecisiveness in the market and therefore the need for a significant breakout to trigger a direction rally.
• Relative strength index: The growth in the RSI slope reflects the increase in bullish momentum and the possibility of a bullish recovery.