Rising MATIC Price Triggers A 3-Month-Long Bullish Pattern; Is $1.8 Within Reach?

The MATIC coin price has shown a sustained recovery since the beginning of 2021. So far, the parabolic rally registered a 97% gain from January 1st and revealed the formation of a rounding bottom pattern. Thus, with the increasing buying pressure in the crypto market, the coin has recently breakout from the $1.3 neckline resistance of the bullish pattern. Here’s how this breakout may influence the future price of polygon coin

Key Points 

• In theory, the formation of a rounding bottom pattern is a sign of sustained recovery and trend reversal.
• For over a month and a half, the MATIC price showcased a series of new higher highs and higher lows, indicating that traders are actively buying on dips.
• The intraday trading volume in the MATIC  is $133.5 Million, indicating a 30% gain.

Source- -Tradingview

Amid this recovery, the buyers have a massive breakout from the $1.3 neckline resistance of the rounding bottom pattern on February 15th.

This bullish breakout should offer buyers strong support to lead a further rally. However, on February 16th, the daily candle showed a long-wick rejection from a local resistance of $1.46, indicating the sellers continued to defend this resistance. 

Thus, even though MATIC’s price shows a long bullish candle with a 7.64% intraday gain, the buyers need the daily candle to close above the $1.46 barrier to undermine the aforementioned selling pressure. 

Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023

In an ideal bullish condition, the technical setup of the rounding bottom pattern should lead a bullish rally to the $1.87 mark.

On a contrary note, if today’s candle closes below $1.46, the coin holders may witness a minor pullback to $1.3 before the recovery rally resumes.

Technical Indicators

EMAs: The 20-day EMA is intact the coin holders can expect an aggressive bullish rally in the MAITC price

MACD: A bullish crossover between the MACD(Blue) and the signal(orange) line is a strong bullish sign forming additional confirmation for buyers.

MATIC Coin Price Intraday Levels

• Spot rate: $1.47
• Trend: Bullish
• Volatility: Low
• Resistance levels- $1.7-$1.73 and $2.05
• Support levels- $1.46 and $1.3

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