Published 16 hours ago
The MATIC coin price has shown a sustained recovery since the beginning of 2021. So far, the parabolic rally registered a 97% gain from January 1st and revealed the formation of a rounding bottom pattern. Thus, with the increasing buying pressure in the crypto market, the coin has recently breakout from the $1.3 neckline resistance of the bullish pattern. Here’s how this breakout may influence the future price of polygon coin
Key Points
- In theory, the formation of a rounding bottom pattern is a sign of sustained recovery and trend reversal.
- For over a month and a half, the MATIC price showcased a series of new higher highs and higher lows, indicating that traders are actively buying on dips.
- The intraday trading volume in the MATIC is $133.5 Million, indicating a 30% gain.
Source- -Tradingview
Amid this recovery, the buyers have a massive breakout from the $1.3 neckline resistance of the rounding bottom pattern on February 15th.
This bullish breakout should offer buyers strong support to lead a further rally. However, on February 16th, the daily candle showed a long-wick rejection from a local resistance of $1.46, indicating the sellers continued to defend this resistance.
Thus, even though MATIC’s price shows a long bullish candle with a 7.64% intraday gain, the buyers need the daily candle to close above the $1.46 barrier to undermine the aforementioned selling pressure.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
In an ideal bullish condition, the technical setup of the rounding bottom pattern should lead a bullish rally to the $1.87 mark.
On a contrary note, if today’s candle closes below $1.46, the coin holders may witness a minor pullback to $1.3 before the recovery rally resumes.
Technical Indicators
EMAs: The 20-day EMA is intact the coin holders can expect an aggressive bullish rally in the MAITC price
MACD: A bullish crossover between the MACD(Blue) and the signal(orange) line is a strong bullish sign forming additional confirmation for buyers.
MATIC Coin Price Intraday Levels
- Spot rate: $1.47
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.7-$1.73 and $2.05
- Support levels- $1.46 and $1.3
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/rising-matic-price-triggers-a-3-month-long-bullish-pattern-is-1-8-within-reach/