MATIC Technical Analysis: Price at 200-Day EMA Aims to Touch $3
Polygon (previously Matic Network) is the first well-organized and user-friendly platform to support Ethereum infrastructure development and scaling. The core component of the platform is the Polygon SDK, a modular, flexible framework that can be used to build different kinds of applications.
Polygon effectively converts Ethereum into a fully-fledged Multi-chain System. The multi-chain system is similar to others like Polkadot, Cosmos, Avalanche, and so on.
Let us move ahead to read about Polygon technical analysis.
Past Performance of MATIC
The MATIC coin price shows a growth of more than 5% in the past 24 hours despite a previous higher price rejection candle. The price action maintains a sideways movement between $1.5 and $1.75. The recent long-range candles indicate increased trend volatility in the short term as buyers struggle to regain trend control.
MATIC Technical Analysis
The MATIC coin price rises higher but struggles to overcome sellers at the 200-day EMA. However, the growing interest in DeFi-related coins can shortly result in a bullish recovery for Polygon.
The crucial Exponential Moving Averages show increased chances of a bearish crossover of the 50 and 100-day EMA. Moreover, the struggling prices to overcome the selling pressure at the 200-day EMA fuels the consolidation range.
The Stochastic RSI Indicator shows a rise in the K and D lines as they escape the oversold zone after the recent bullish crossover. Therefore, the bullish cycle might soon result in the 200-day EMA breakout.
The DMI Indicator shows a sharp rise in trend momentum evident by the jump in the ADX line. The DI lines reflect a bearish trend in action, but the recent reversal increases the chances of a bullish crossover.
Hence, the technical indicators reflect a bullish rise in MATIC within the consolidation range increasing the breakout possibility.
Upcoming Trend
The MATIC coin price jump in the past 24 hours reflects a bullish reversal within the consolidation range. However, the increased momentum increases the 200-day EMA breakout possibility.
Buyers need to be patient till the prices break above the 200-day EMA before making a target at 100-day EMA or $2.
At press time, TradingView keeps a "NEUTRAL" sentiment for the MATIC coin.