With the formation of a rounding bottom pattern, the polygon coin price witnessed sustained recovery since January 1st. In theory, this pattern offers a classic example of a trend reversal, as the u-shaped recovery shows a smooth transition from a downtrend to an uptrend. So far, this bull run has registered 60% growth as the price currently reached a $1.2 mark. However, here’s how the full potential of this pattern may influence MATIC’s future.
Key Points
- The $1.3 resistance breakout could set MATIC price on a 50% upswing
- The 20-day EMA offers dynamic support to rising coin price
- The intraday trading volume in the MATIC is $541.2 Million, indicating a 4.5% gain.
Source- –Tradingview
On February 1st, the polygon coin price gave a bullish breakout from another resistance level of $1.19. This breakout should offer buyers a significant footing to prolong this bullish rally. However, with the current uncertainty in the market, the price is still retested at the breached level for sufficient support.
If the coin price shows sustainability above $1.19 support, the side-lined trades could grab an entry opportunity knowing the recovery rally is still intact. Thus, under the influence of the rounding bottom pattern, the MATIC price is poised to breach the neckline resistance of $1.3.
In ideal bullish conditions, the neckline breakout leads to a bullish rally of the same distance available between the neckline and pattern bottom support, shot from the breakout point. Thus, the $1.3 breakout may push the Polygon coin price 50% higher to hit the $1.8 mark.
Technical Indicators
RSI: despite rising price action, the falling daily RSI slope indicates the exhaustion of bullish momentum. This bearish divergence hints strong possibility for minor correction before the price breach the $1.3 barrier.
EMAs: a bullish crossover between the 100-and-200-day EMA accelerates the buying pressure in the market.
- Spot rate: $1.2
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $1.3 and $1.45
- Support levels- $1.19 and $01.05
Main content of the article:
Polygon coin (MATIC) price has seen a 60% growth, reaching the $1.2 mark. The price has broken the $1.19 resistance level, offering buyers a chance to enter the market. If the coin price is sustained above $1.19, it could breach the neckline resistance of $1.3, leading to a 50% upswing to $1.8. Technical indicators such as the RSI and EMAs are showing bullish momentum, however, there is a possibility of minor correction before the price breaks the $1.3 barrier. Resistance levels are at $1.3 and $1.45, while support levels are at $1.19 and $1.05.
