Polygon price analysis: MATIC displays inside candle in higher time frame; is it a sign of an upcoming bull run?

After a scary sell-off, Polygon (MATIC) started moving higher this week, reclaiming around 29% of costs.
The weekly price candle shows an internal candlestick pattern, is it a sign of an upcoming bull run?
MATIC price has started to move in a red cloud of the Ichimoku indicator with reference to the daily price chart.

The Polygon (MATIC) coin saw a sharp jump from its recent lows. Thus for the past 6 days, MATIC price continues to form higher-lows and higher-highs, which is a clear sign of short-covering.

Recently, MATIC price noted its 9 month low at $0.316 mark. After the latest low of 2022, MATIC price formed an inside candle on June 19th, which works very well for the bulls on the daily chart. Similarly, with reference to the weekly price chart, speculators are again seeing the inside of the candlesticks this week. The question here is, is this a sign of an upcoming bull run?

The Polygon (MATIC) token is up almost 29% this week. Thus, the altcoin is trading at the $0.494 mark at the time of writing.

Price action falls parallel channel before drop-down in May, now MATIC price again on support line of following channel which can act as recent resistance. Meanwhile, MATIC’s market cap rose 20% to $3.9 billion in the last 24 hours, according to CMC.

After 8 extreme bearish weekends, the bulls are finally going to see the weekly price close in the green zone. Although the daily trading volume is sufficient for the bullish momentum. Therefore, Polygon price is trading up 21% against the bitcoin pair at 0.00002424 satoshis.

Bulls aim conceptual round level of $1.0 for upcoming month

After a two-month downtrend, MATIC price starts moving up in a red cloud of the Ichimoku indicator in terms of the daily price chart. and the leading Span-A turned into a support line (at $0.45) on the other hand, the bears can place a sell order near the leading Span-B (at the $0.752 mark) on the following indicator.

As the RSI indicator is on the semi-line after a lot of struggle but its peak is still to be breached.

Conclusion

Polygon (MATIC) has turned bullish near recent lows. And as key technical indicators favor the bulls, buyers can target a retest of MATIC price from current levels in the $0.750 area before reaching the crucial $1.0 level.

Support level – $0.350 and $.030

Resistance level – $0.70 and $1.0

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.