MATIC Price Rebounds From Local Support Of $1.2; Will Bullish Rally Continue?

polygon (matic)

Published 18 hours ago

The parabolic growth in MATIC coin price has recently marked a new local top at $1.54. Furthermore, with increased bearishness in the crypto market, the coin price turned down from this peak and tumbled 22% down to reach the $1.2 mark. Thus, a V-top reversal plunged the price below the $1.3 mark, indicating the price could prolong the bearish trend.

Key Points 

  • The formation of the V-top reversal indicates a rapid downfall and a high level of confidence from sellers.  
  • The 50-day EMA moving near the $1.18 mark increase the support strength of this level/
  • The intraday trading volume in the MATIC  is $5.5 Million, indicating a 37.5% gain.

TradingView ChartSource- -Tradingview

The V-Top reversal has also breached the last swing high resistance of $1.305, hinting at a prolonged correction in MATIC price. However, on February 25th, the coin price showcased a long-lower price rejection at $1.2 support suggesting the buyers are accumulating at the dips.

Furthermore, the polygon coin price today is 2.74% up and may rise higher to retest the breached $1.3 support and possible resistance. The MATIC holders lookout for this level as behavior around it could influence the near future price.

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If the coin price shows sustainability below the $1.3 mark, the sellers may extend the ongoing correction phase and plunge the price to the $1.05 mark.

On a contrary note, a bullish breakout from the $1.3 resistance will encourage buyers to rechallenge the $1.532 barrier.

Technical Indicators

MACD: After a bearish crossover, a significant gap between the MACD and the signal line indicates the selling pressure in the market hikes.

EMAs: The recently breached 20-day EMA slope moving near the $1.3 level increases the resistance power of these levels.

MATIC Coin Price Intraday Levels

  • Spot rate: $1.29
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels- $1.3., and $1.53
  • Support levels- $1.18 and $1.05

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/matic-price-rebounds-from-local-support-of-1-2-will-bullish-rally-continue/