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Sanjay Shukla
Nov 14, 2022
by Sanjay Shukla

MATIC Technical Analysis: Bullish Reversal Signals Buying Opportunities for Traders

MATIC Technical Analysis
The MATIC technical analysis displays a sideways uptrend with RSI nosediving below the 50% mark indicating towards buying opportunity for traders. 

Despite plummeting more than 20% over the last 7 days in the backdrop of FTX financial trouble, the Polygon (MATIC) recovered remarkably by registering a 3% jump in the last 24 hours following the recovery pattern in most of the crypto market. Trading at the current price of $0.9425, the 56.85% jump in 24-hour trading volume and 3% rise in market cap support the bullish reversal rally in the MATIC market. With a circulation supply of 8.7 billion tokens, MATIC continues to consolidate as buyers seem to be enthusiastic after optimistic early trades, waiting for another bullish breakout as a buying opportunity. 

Key Points

  • The MATIC price actions show consolidation after a bullish reversal 

  • The reversal rally may shortly give a bullish breakout of the resistance trendline

  • The intraday trading volume of MATIC rose by 56.85% to reach $901.4 million

    • MATIC Technical Analysis

    After MATIC rebounded from the $7.62 mark towards a bullish breakout, it is consolidating between the range of $8.40 and $8. The 50-day SMA supports the recovery rally by teasing the price line signaling another bullish breakout with an ascending triangle. After pulling back at the 23.60% Fib retracement level, MATIC continued to consolidate at 78.60% teasing another bullish breakout. Sideline traders must wait for another bullish breakout for an entry opportunity as prices are unable to dive below the support level of $8. 

    Technical Indicators

    RSI nosedives below the 50% level after kissing the overbought boundary while making a bearish divergence under 14-day SMA, indicating a potential buying opportunity. Moreover, MACD and signal lines are choppy along the halfway line while teasing a bearish crossover on a declining bullish histogram, supporting a sideways uptrend.

    The technical indicators show MATIC is consolidating its position after a sharp bullish reversal as buyers can have multiple buying opportunities at a potential bullish breakout. 

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    MATIC Technical Analysis: Bullish Reversal Signals Buying Opportunities for Traders
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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