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Vikram
Mar 2, 2022
by Vikram

MATIC Technical Analysis: Bulls Hope To Outshine Resistance Trendline

MATIC
MATIC coin price shows a remarkable recovery overnight to challenge the resistance trendline and the 200-day EMA. Will the buyers reach the $2 mark?

Key technical points:

  • The MATIC coin prices struggle to surpass the 200-day EMA

  • The RSI slope moves sideways near the central line

  • The 24-hour trading volume in the Polygon token is $1.49 Billion, indicating a 13% rise. 

    • Past Performance of MATIC

    MATIC coin price jumps about 15% with a double bottom pattern breakout below the $1.5 support zone. The rally comes with a bullish engulfing candlestick but develops into a Doji candle near the 200-day EMA. This hints at the possibility of a reversal back to $1.5 if the buyers fail to surpass the trend defining EMA. 

    TradingView Chart

    MATIC Technical Analysis 

    The MATIC coin price action shows the long-coming trendline keeping the bullish growth in check. Hence, the power struggle to maintain the upcoming trend control might soon result in a volatile move.

    The crucial EMAs in the daily chart show the price struggling to outperform the 200-day EMA, and the falling 50 and 100-day EMAs maintain a bearish alignment after the recent crossover.

    The MACD indicator shows the fast and slow line rising higher in a linear trend after the recent crossover in the negative territory. Moreover, the growth of bullish histograms following the crossover indicates a potential rally above $2.

    The RSI Indicator slope shows a linear trend around the 50% line after surpassing the 14-day average. The RSI slope must exceed the central line to give a bullish signal because of the previous rejections near the 50% mark.

    In a nutshell, the MATIC technical analysis takes a bullish stand in the ongoing power struggle over trend control.

    Upcoming Trend

    The MATIC coin price action shows the bullish trend gaining momentum with the increasing trading volume. However, traders must wait until the prices overcome the resistance trendline before bullish sideways. 

    Support Levels: $1.5 and $1.30

    Resistance Levels: $1.75 and $2

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    MATIC Technical Analysis: Bulls Hope To Outshine Resistance Trendline
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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