- Polygon (MATIC) price showed a bullish breakout on 13th July.
- MATIC price is opposing a 10-week high near the $0.75 area.
- The red moving lines of the EMA ribbon are moving below the current price of the matic price.
Polygon (MATIC) price is trading higher and is in favor of the bulls. The altcoin price looks bullish after retesting the $0.30 support level. In fact, the price action shows a high-low formation during the daily price scale.
Recently the price action of MATIC coin was trading inside a symmetrical triangle pattern before the breakout. Meanwhile, the altcoin price struggled with a retracement level near the 10-week high near the $0.75 area. As a result, the coin went down from last night.
At the time of writing, Polygon (MATIC) is trading at the $0.687 mark against the USDT pair. Meanwhile, the altcoin is up 20% in the green zone this week. Furthermore, the price of the MATIC coin pairing with Bitcoin is slightly lower at 0.000003338 Satoshis.
There is an important defensive zone for buyers in the 52-week level at $0.3160. Furthermore, the conceptual round level is a perfect example of a resistance zone. Remaining, the red moving lines of the EMA Ribbon Indicator are moving below the current price of Matic price, while the 200 EMA line (yellow) is above the price.
Amid a bullish trend, an increase in trading volume is showing signs of bullishness. A resistance breakout may occur sooner during a highly volatile market.
Polygon Matic is Below the Matic’s Live Price
The Parabolic SAR Indicator Polygon (MATIC) is well below the coin’s current price. Moreover, the Stoch RSI remains in the overbought zone in terms of the daily price chart.
Conclusion
Despite the price retracement, Polygon (MATIC) coin is trending bullish. If buyers break this most immediate bullish barrier soon, a more bullish rally to the conceptual round level of $1.0 is likely.
Support level – $0.350 and $.030
Resistance level – $0.7 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.
Source: https://www.thecoinrepublic.com/2022/07/16/polygon-price-analysis-high-volume-suggests-further-bullish-rally-in-matic-coin/