Will Fast-Recovering $MATIC Hit $0.7?

Polygon Price Prediction: The MATIC has been hovering above the $0.5 psychological support for the last two months, attempting to regain its bullish momentum. Amid this consolidation emerges a symmetrical triangle pattern, whose recent breakout suggests the altcoin is gearing up for a notable upward trajectory. However, will this pattern build enough momentum to break above the $0.7 mark?

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Short Liquidation Pours More Buying Orders

• A high momentum breakout from the triangle pattern sets the prices for a 16% surge
• A potential bullish crossover between the 20-and-50-day EMA slope
• The intraday trading volume of the MATIC coin is $498 Million, showing a 57% gain.

Source- Tradingview

Over a five-day bull run, the polygon coin price leaped from $0.5025 to its current trading value of $0.61, marking a 22% surge. This notable upswing let the market participants escape a two-month-long correction, as the prices gave a decisive breakout from symmetrical triangle formation on October 22. 

The breakout candle closing above the resistance trendline shows buyers with a suitable floating to lead further price rally. 

Coinglass data further supports this bullish outlook, revealing a significant amount of short liquidations in the past four days, including $1.1 million worth today, alongside $258.29k in long liquidations Thus, this short holding exits the market by pouring more buying orders which intensifies the bullish momentum.

If the bullish momentum persists, the MATIC price currently trading at $0.06 could witness a 15% jump to hit the $0.07 psychological barrier.

Is Current Recovery Sustainable?

While the short-term projection seems bullish, it’s crucial to note that the MATIC price faces overhead supply around the $0.64 price point. Today’s candle shows a long-wick rejection, suggesting a minor 3% pullback may be imminent to retest the previously breached trendline. This retest will serve as a validation point, determining whether the asset’s rally is genuinely sustainable or merely a false breakout.

• Exponential Moving Average: A price jump above the daily EMAs(20, 50, and 100) slope provides an additional edge to market buyers.
• Average Directional Index: A bullish upswing in the daily ADX slope reflects the buyers hold sufficient strength to lead further rally.