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Vikram
Oct 4, 2022
by Vikram

MATIC Technical Analysis: Recovery Rally Pins Bullish Flag At EMAs

MATIC Technical Analysis
The MATIC technical analysis displays a recovery rally breaking about the 50 and 100-day EMAs, teasing a bull run to the 200-day EMA.

The MATIC price action displays a bullish recovery rally reclaiming the $0.75 supply zone and beating the 50 and 100-day EMA. Currently, the price action shows a 7% jump in the market value over the last 48 hours, reflecting the high momentum recovery rally. So should you consider taking a bullish trade in Polygon?

Key Points:

  • The Polygon price action shows a recovery rally approaching the 200-day EMA.  

  • The increase in buying pressure teases a bull run to $1. 

  • The intraday trading volume in Polygon is $403 Million.

    • MATIC Price Chart

    MATIC Technical Analysis

    The MATIC price action displays a 25% decline in market value resulting in the support trendline fallout, nullifying the ascending triangle. The fallout rally breached the $0.75 support zone, but the sellers failed to gain any bearish follow-through beyond $0.70.

    However, the recovery rally resurfaces the market value above the $0.75 horizontal zone along with the 50 and 100-day EMA. Currently, the recovery rally accounts for a 17.5% jump in the last two weeks. 

    Additionally, the high momentum of the recovery trend in the last 48 hours, accounting for a 7% jump, proves crucial in breaking multiple resistance levels. Hence, the likelihood of a bullish trend continuing to reach the psychological mark of $1 increases.

    Therefore, as per the price action analysis, sideline traders can find multiple bullish entry points at the current market price with the possibility of an uptrend to the $1 mark. 

    Technical Indicator

    The RSI slope spikes in the nearly overbought to cross the halfway line influencing a bullish turnaround in the 14-day SMA. Thus, the RSI slope reflects an increase in the underlying bullish sentiments. Additionally, the intensifying bullish histograms after the MACD and signal lines regaining positive alignment reflect an increase in buying pressure.

    Therefore, the technical indicators show a rise in buying pressure for Polygon in the market. As a result, the MATIC technical analysis indicates an uptrend to the 200-day EMA to challenge the $1 mark. Hence, the sideline traders can find multiple buying opportunities at the current market price.

    Resistance levels- $0.90 and $1

    Support levels-  $0.75 and $0.70

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    MATIC Technical Analysis: Recovery Rally Pins Bullish Flag At EMAs
    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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