MATIC Technical Analysis: Will Polygon Rise To The $1 Mark?

Key Technical Points:

Past Performance of MATIC

The MATIC price action shows a bullish failure to surpass the neckline of a cup and handle pattern at $0.60 in the daily chart. However, the buyers were successful in sustaining the market price above the 50-day SMA resulting in a bullish engulfing candle with a 20% jump. The engulfing candle surpasses the $0.60 neckline and prepares to reach the overhead resistance at $0.78.

Source - Tradingview

MATIC Technical Analysis

The MATIC prices show a bullish candle coming as a follow-through of last night's buying spree repairing to cross about the $0.65 level. Hence polygon investors can expect a bullish week ahead as Polygon is selected as the Web3 Project for the Disney Accelerator.

Polygon native token's market price remains bounces back from the 50-day SMA. This continues the approach to the next milestone of the 100-day SMA close to $0.78

The MACD indicator shows the fast and slow lines maintaining a positive trend with a growing spread. Furthermore, the long-coming positive trend of the MACD histograms increases the bullish credibility.

The RSI indicator shows a gradually rising underlying bullishness, with the 14-day SMA providing resting recovery stops. Hence, the technical indicators support the possibility of a prolonged uptrend.

In a nutshell, MATIC technical analysis forecasts an increase in demand, propelling the market price higher to the 100-day SMA.

Upcoming Trend

If the buying pressure sustains this week, a positive rally above the 50-day SMA will drive the MATIC price to the overhead resistance at the $0.78 mark.

Conversely, a bearish reversal below the $0.60 level might cross the 50-day SMA to test the bottom support at $0.50.

Resistance Levels: $0.78 and $1

Support Levels: $0.60 and $0.50