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Vikram
Apr 13, 2022
by Vikram

MATIC Technical Analysis: Trendline Retest Struggles To Revert Trend

MATIC
The MATIC coin price shows a bullish reversal after testing the resistance trendline and challenges the $1.50 support zone.  

Key technical points:

  • MATIC prices trade under all the crucial EMAs.

  • The coin price has jumped 6% in the last 48 hours.

  • Finally, the 24-hour trading volume of Polygon is $821.59 Million, marking a 20% rise.

    • Past Performance of MATIC

    MATIC coin price fell by 20% within a week to retest the broken resistance trendline after falling to surpass the EMAs in the daily chart. The reversal breaks below the $1.50 support zone, and the post-retest reversal from the trendline must surpass the $1.50 zone for uptrend continuation.

    TradingView Chart

    MATIC Technical Analysis 

    MATIC coin price shows a bullish reversal from the resistance trendline, accounting for a 6% jump in the last 48 hours. However, the prices struggle to get a closing near the resistance zone resulting in a long wick formation.

    The crucial daily EMAs are on the verge of achieving bearish alignment with the 50 and 100-day EMAs bearish crossover. Moreover, the falling trend of the crucial EMAs is ready to provide dynamic resistance to keep the downtrend going.

    RSI Indicator: The RSI slope falls under the halfway mark and the 14-day average line after a long consolidation in the nearly overbought zone. However, the RSI value is regaining bullish steps and climbing to surpass 50%.

    Stochastic RSI: The K and D lines are united in the oversold territory and gradually gain bullish space. 

    In a nutshell, the MATIC technical analysis stresses the selling opportunity near the $1.50 mark.

    Upcoming Trend 

    The MATIC coin price shows a quick upside reversal from the resistance trendline to retest the $1.50 fallout. However, traders can expect the post-retest reversal to reach the $1.20 mark if the buyers fail to surpass the 50-day EMA. 

    Support Levels: $1.35 and $1.20

    Resistance Levels: $1.50 and $1.70

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    MATIC Polygon
    MATIC Technical Analysis: Trendline Retest Struggles To Revert Trend
    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.