MATIC Technical Analysis: $1 Crossover Projects A 30% Jump
Table of contents
Key Technical Points:
Past Performance of MATIC
As mentioned in our previous article, the Polygon (MATIC) price reaches the overhead resistance at the psychological mark of $1. Moreover, the recent reversal from the support trendline increases the possibility of an ascending triangle breakout. Currently, the trend accounts for a price jump of 32% over the last three weeks, reflecting an increase in the demand inflow.
Source - Tradingview
MATIC Technical Analysis
The bullish reversal in MATIC prices forms a bullish engulfing candle with a 7.3% jump ready to close about the $1.022 mark. Then, the bullish breakout of the ascending triangle pattern unleashes momentum to drive the uptrend above the 200-day SMA.
The bullish trend approaches the overhead bearish 200-day SMA after the recent bullish crossover between the 50 and 100-day SMA. Hence, the traders can expect the bullish breakout to test the 200-day SMA.
The recent reversal in the fast line increases the possibility of regaining the bullish alignment with a crossover above the slow line. Moreover, the turnaround in the daily RSI reflects an increase in the underlying bullishness. Hence the technical indicators support the possibility of a bullish breakout.
In a nutshell, the MATIC technical analysis projects a high likelihood of a 30% price jump.
Upcoming Trend
If the MATIC price action displays a bullish breakout, the uptrend continuation will hit the overhead resistance of $1.30, accounting for a 30% price jump.
Resistance Levels: $1.022 and $1.30
Support Levels: $0.90 and $0.80