Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?

Published 52 mins ago

Polygon (MATIC) has been one of the top-performing cryptocurrencies this week, registering an 80% growth in the last six days. The V-shaped recovery breached the immediate resistance of $0.47 and just today, $0.57. Can coin buyers sustain this bullish breakout?

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Key points 

  • MATIC price breached dual resistance of descending trendline and $0.5
  • The bullish crossover in the MACD indicator gives a buy signal
  • The intraday trading volume in MATIC is $1.2 Billion, indicating a 43% gain.

MATIC/USDT Chart

Source- Tradingview

On June 11th, the MATIC price gave a decisive breakdown from $0.575 neckline support of descending triangle pattern. Losing this support, altcoin continued on its downward spiral and depreciated 44.65%.

As a result, the extended downfall reached a new 2022 low of $0.332 on June 18th. However, while the crypto market takes a breather from the prevailing downtrend, the MATIC price bounced back from the $0.332 mark with a daily-inside candle.

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 A gradual rise in volume activity amid the V-shaped recovery indicates a genuine rally. With a 70% volume pump, the MATIC is 7.5% up today and shows a strong breakout from $0.575 resistance.

If MATIC buyers give a candle closing above the $0.575 mark, the accelerated buying momentum could drive the altcoin 23% higher to $0.75.

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Alternatively, a failed attempt to sustain above the $0.75 mark could trigger a minor pullback to the $0.47 mark.

Technical Indicators

MACD indicator: A widespread gap between the MACD and signal line after a bullish crossover accentuates rising bullish momentum and gives additional confirmation to long trades.

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Bollinger band: since early April, the MATIC price has traded below the midline of the Bollinger band indicator; however, with a recent price jump, the buyers breached the neutral line, indicating the buyers are wrestling to obtain trend control.

  • Resistance levels- $0.67 and $0.75
  • Support levels- $0.57 and $0.47

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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