MATIC Price Prediction: Polygon Price at Monthly Support Plots a Quick 12% Jump

MATIC Price Prediction: Amid the recent sell-off in the crypto market, the MATIC price witnessed a significant downfall in the last two weeks and plunged back to local support of $0.94. This support coincides with the 50% Fibonacci retracement level creating a strong accumulation zone that could assist buyers to recuperate bullish momentum. Moreover, a bullish reversal pattern spotted at $0.94 indicates a high possibility for the polygon coin to initiate a fresh rally.

Key Points 

• A correction phase to 50% FIB highlights the overall trend for polygon coins as bullish
• A bearish crossover between the 50-and-100-day EMA could encourage more selling in the market.
• The intraday trading volume in the MATIC is $415.5 Million, indicating a 16% loss.

Source-Tradingview

In the daily time frame chart, the MATIC price shows the formation of a double-bottom pattern. This is a commonly spotted reversal pattern that reflects the increasing buying pressure at a particular support. 

Under the influence of this pattern, the MATIC price has surged 6.5% in the last two days and is currently trading at $0.9945. If the buying pressure persists, the coin price should rise another 4% and poke the $1.036 neckline resistance.

A potential breakout from this resistance may keep the bullish momentum and offer buyers a significant footing to prolong the bullish rally. In favorable conditions, a breakout from this pattern’s neckline resistance offers a price rally of the same distance between the neckline and base support.

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Thus, the pattern completion may encourage another 9-10% jump to hit the $1.12 mark.

Technical Indicators

Exponential Moving Average: The 20-and-200-day EMA aligned with a $1.036 neckline strengthens the resistance power of this level.

Relative strength index: An uptick in the daily RSI slope accentuates the increasing buying pressure in the market.

MATIC Coin Price Intraday Levels

• Spot rate: $0.995
• Trend: Bullish
• Volatility: Low
• Resistance levels- $1.03 and $1.12
• Support levels- $0.94 and $0.84

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