MATIC Technical Analysis: Will Breakout Rally Reach $2?

Key technical points:

Past Performance of MATIC

MATIC coin prices declined by 20% in February and early March, resulting in the $1.5 fallout. However, the reversal from the $1.33 level resulted in an upside rally of 26%, resulting in a relapse in all the crucial daily EMAs. 

Source-Tradingview

MATIC Technical Analysis 

MATIC prices show a rounding bottom pattern breakout with a neckline at $1.60. The price action shows a post-retest reversal with a morning star pattern formation. Moreover, the recent bullish approach undermines the previous higher price rejection candles. 

The crucial daily EMAs (100 and 200-days) show a flattish movement and avoid a bearish crossover. Moreover, the recent rally brings a reversal in the 50-day EMA, increasing the chances of a golden crossover. 

RSI Indicator: The RSI slope maintains the uptrend after surpassing the 14-day in the nearly oversold zone. The RSI line may shortly creep into the overbought zone as the underlying bullish grows.

MACD Indicator: The MACD and signal lines maintain a small bullish spread while crossing above the zero value mark. However, the falling trend in bullish histograms highlights an underlying weakness in the uptrend.

In a nutshell, the MATIC technical analysis emphasizes the breakout rally continuation.

Upcoming Trend 

The MATIC coin price might shortly cross above $1.75 and increases bullish attention. Moreover, the upcoming golden crossover will ensure a surge in buying pressure to boost the rally towards the $2 mark. 

Support Levels: $1.65 and $1.5

Resistance Levels: $1.75 and $2