MATIC Technical Analysis: Will Polygon Reclaim $1 Market Value?

Key Technical Points:

Past Performance of MATIC

After retesting the 50-day SMA on 12 July, the MATIC prices took a bullish turnaround with a 20% jump the next day. The price jump on 13 July resulted in a bullish engulfing candle and started a bull run to approach $0.78, close to the 100-day SMA. The bull run exceeded the $0.80 mark with a 17% jump today, increasing the inflation rate of the last week to 65%.

Source - Tradingview

MATIC Technical Analysis

The MATIC price showcases a solid bullish commitment in the volume indicator as the intraday trading volume surges to support the positive trend. Hence Traders can expect the ongoing uptrend to surpass the psychological Mark of $1 to reach the 200-day SMA.

Despite maintaining a bearish trend in motion, the simple moving averages showcase a high possibility of a bullish crossover between the 50 and 100 days average line. It is due to the bullish growth influencing a positive turnaround in the 50-day average line and the price sustaining about 100-day SMA.

The RSI indicator slope labels polygon token as overbought as the slope exceeds the 70% barrier. Furthermore, the MACD indicator shows the positive trend of the fast and slow lines gaining a bullish trend. Additionally, the resurfacing positive histograms intensify, indicating an increase in the buying pressure.

In a nutshell, MATIC technical analysis displays a high likelihood of a positive trend soon to reclaim the psychological Mark of $1.

Upcoming Trend

If the MATIC prices sustain above $0.80, traders can expect the prices to beat the psychological Mark of $1 soon to test the overhead resistance of the 200-day SMA.

Conversely, a reversal failing to sustain above the 50-day SMA can result in a drop to $0.70 can be seen.

Resistance Levels: $1 and $1.30

Support Levels: $0.80 and $0.70