Published 41 mins ago
Since last month, the Polygon(MATIC) has been rising under the influence of a support trendline. During this rally, the altcoin has sliced through several resistances and has recently jumped above $0.745. How far can this recovery rally go?
- The MATIC price soared 46% in the last five days
- The rising support trendline maintains the ongoing recovery.
- The intraday trading volume in MATIC is $1.05 Million, indicating a 42.3% gain.
Amid the ongoing uncertainty, the crypto market facing the MATIC price action shaped into an ascending triangle pattern. The $0.62 acted as a neckline resistance for this pattern, and on July 13th, the coin buyers gave a bullish breakout from this resistance.
The resulting rally has surged the MATIC price 20% higher, which currently trades at $0.772. Moreover, the buyers have also breached the $0.745 resistance, suggesting the buyers are aiming for another leg higher.
If the daily candle closes above the breached resistance, the buyers will acquire a suitable footing to extend the current recovery. As a result, the potential rally could jump 16.5% higher to the $0.9 mark.
On a contrary note, if the MATIC price fails to sustain above the $0.745 mark, the traders may expect a minor pullback to the support trendline.
DMAs: a bullish crossover between the 20 and 50 DMA is one of the early signs of a recovery rally. However, the 100 DMA currently opposing the market price bolsters the aforementioned pullback theory.
RSI indicator: the RSI slope shows a similar rally-like price action accentuating a genuine recovery. Moreover, the RSI slope may jump above the 70% mark, indicating aggressive buying from traders.
MACD indicator: the enlarged gap between the fast and slow lines as they moved above the neutral line, indicating a significant growth in bullish momentum.
- Resistance levels- $0.9 and $1
- Support levels- $0.75 and $0.63
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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.