Table of contents
As most of the altcoins show a bullish recovery, the MATIC buyers plan to end the consolidation range with a price jump to $0.78.
Key technical points:
The MATIC market prices have recovered 1.52% over the past 24 hours.The price trend shows a slow sideways trend.The 24-hour trading volume of Polygon is $183.21 Million, indicating a hike of 60%.
Past Performance of MATIC
MATIC prices showcase a halt in the downtrend at the $0.57 support level lasting for more than a month. The lateral shift surpasses the long-coming resistance trendline but fails to find the bullish momentum to unleash the trapped momentum.
Source- Tradingview
MATIC Technical Analysis
MATIC prices show a retest reversal from the broken resistance trendline, but a lack of bullish support in the trading volume lowers the possibility of a turnaround. Hence, traders must wait for a surge in trading activity to avoid a bearish reversal. The crucial Simple Moving Averages – 50, 100, and 200-days marked red, orange, and black, respectively. However, the MACD and signal lines display an uptrend approaching the zero line, with an increasing bullish spread. And the rising trend in bullish histograms supports the possibility of a bullish launch.
Additionally, the RSI indicator shows a steady increase in the overall bullishness as it approaches the halfway line. Therefore, the indicators display an impressive surge in bullish powers and make the comprehensive MATIC technical analysis bullish.
Upcoming Trend
As MATIC buyers maintain, the market price is floating above the $0.57 mark, increasing the possibility of a price jump to $0.78. However, the surge in trading volume to support the bullish recovery is a must. On the opposite end, the breakdown of $0.57 can lead to a price fall to the psychological mark of $0.50.
Resistance Levels: $0.78 and $1
Support Levels: $0.57 and $0.50
