MATIC Technical Analysis: Will Polygon Prices Return To $1?
Table of contents
Key technical points:
Past Performance of MATIC
In the MATIC technical chart, a distinct downtrend generates a bearish trendline, accounting for an 80% drop to touch the $0.336 mark. The buyers quickly started to hoard Polygon tokens at such a discounted price resulting in a hike of 50% over the week. Moreover, the price jump approaches the overhead psychological mark of $0.50.
Source- Tradingview
MATIC Technical Analysis
In the MATIC/USD technical chart, the reversal rally breaks above the resistance trendline with a boom in trading volume, displaying an exodus of buyers returning. Hence, the chances of a prolonged breakout rally increase significantly.
MACD indicator: The bullish crossover of the fast and slow lines refuels the bullish trend in MACD histograms, signaling a fresh uptrend in motion.
Bollinger Bands: The market price rises above the midline of Bollinger bands, signaling a rise in underlying demand. Hence, a jump to the upper band will increase the likelihood of a prolonged uptrend.
RSI indicator: The daily-RSI line shows a sharp reversal from the oversold zone with a double bottom pattern and even surpasses the 14-day SMA. Moreover, the slope surpassing the halfway line will signal uptrend continuation.
Hence, the technical indicators signal a buying spot for traders with bullish intentions. In a nutshell, the MATIC technical analysis shows displays a new bullish trend ready to drive the market price higher.
Upcoming Trend
If the buying pressure persists, MATIC prices will break above the $0.57 resistance to reach the $0.78 mark.
Resistance Levels: $0.57 and $0.78
Support Levels: $0.45 and $0.33
