Market Overview
With the market turning green for the third day in a row, the altcoins are picking up bullish momentum to rise higher. Reacting to the market-wide action, the MATIC price jumps significantly to create a bullish pattern.
Aiming to rise higher by riding the ongoing bullish wave, the Polygon prices challenge the 50-day EMA. With increased breakout chances, the MATIC price prediction hints at crossing $1 in 2023. The declining 50-day EMA remains a guardian to prolong the bearish phase in the MATIC price trend. However, the recent double bottom pattern at the crucial psychological mark of $0.50 teases a trend reversal.
Current Market Situation
Riding the ongoing recovery phase, the Polygon market value has jumped by 7.64% in the last three sessions. Moreover, the morning star forming at $0.50 increases the reversal likelihood to sustain. Currently, the MATIC price trades at $0.5496 with an intraday growth of 2.59%, exceeding the 50-day EMA. If the uptrend manages to sustain above the average line, the chances of surpassing $0.65 will improve drastically.
Technical Indicators
- RSI Indicator: As the reversal rally leads to a price surge, the daily RSI line spikes above the halfway line. Approaching the overbought zone, the momentum indicator reflects significant ongoing growth in bullish sentiments.
- EMA Indicator: The falling trend in the 50-day EMA maintains the bullish growth in check. However, the breakout will signal a trend reversal in play.
Price Outlook and Predictions
With bullish patterns arising in the daily chart, the anticipations for a rally in the MATIC price are increasing. Moreover, the growing spirit of the Uptober season can support the breakout possibility. In case the double bottom reversal is successful, the Polygon market value can exceed the $0.60 mark to reach $0.75. On the opposite side, a reversal from $0.60 will drop the MATIC price to $0.50.
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