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Sandeep Kumar Mishra
Nov 30, 2022
by Sandeep Kumar Mishra

MATIC Technical Analysis: Will This Bull Cycle Take Polygon Above $0.90?

MATIC Technical Analysis
The MATIC technical analysis signals buying opportunities for traders as bullish momentum reappears after a pullback at $0.86, teasing a breakout above the $0.90 mark.

The Polygon (MATIC) price action shows a resurgence of bullish momentum as the token delivered growth of 3.65% in the last 24 hours. The token has managed to recover from last week’s plunge to the $0.81 support level with a rise of 2.5% over the last 7 days. A growth of 3.50% in market valuation to $7.60 billion and a 1.90% rise in trading volume to  $266.50 million also support the bullish momentum in the market. Currently trading at $0.87, the present bull cycle is eyeing to break above the crucial mark of $0.90 as buyers are dominating the market. 

Key Points

  • The MATIC price action maintains a bullish momentum

  • The price line challenging the 200-day EMA strengthens the bull cycle 

  • The intraday trading volume in MATIC is $266.50 million 

    • TradingView ChartSource: Tradingview

    MATIC Technical Analysis

    The higher highs and higher lows as shown by the resistance and support trendline on the daily chart signal an uptrend in the market. Moreover, the jump in price action above 200-day EMA indicates an upcoming upward trend. The movement of token prices above 78.60% from 38.20% on the Fibonacci retracement level is also an indicator of a bull cycle supported by a surge in demand.  MATIC will break above the $0.90 mark if bullishness sustains. Whereas if the token turn to a bearish reversal, falling below $0.85 would be inevitable.

    Technical Indicators

    The RSI slope moving above the 60 mark while giving a bullish divergence above the halfway line projects an uptrend with an increase in buying pressure. MACD is also set for another upswing with a bullish crossover as bullish bars remerge on the histogram.

    Therefore, the technical indicators forecast a high possibility of continuation of bullish momentum. As a result, traders can find multiple buying opportunities.

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    MATIC Technical Analysis: Will This Bull Cycle Take Polygon Above $0.90?
    Sandeep Kumar Mishra
    Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.

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