MATIC Price Surges More Than 6%, Is It Finally A Trend Change?

MATIC (Polygon) has seen a rally, with the price almost increasing by 7% in the past 24 hours. MATIC (Polygon), had struggled for some time to surpass its current trading session, but it is finally able to do so.

This trend shift is not yet a reality.

For the bulls to surpass the $0.90 price ceiling they must trade above the price level. The bulls will continue to be supported if the price rises above the $0.93 level.

MATIC’s technical outlook has changed from a bearish to bullish position.

As shown in the indicator, buyers have overtaken the market. A rally up to $0.93 is possible if there’s consistent buying power.

If buyers lose interest in the market, MATIC prices can plummet and fall to $0.70. Demand remains strong, so the possibility of a trip to $1 is not completely out of reach.

MATIC Price Analyse: One-Day Chart

Source: MATICUSD on TradingView| Source: MATICUSD on TradingView

Polygon (MATIC was trading at $0.86 as of press time. The bulls managed to drive the asset’s price north after weeks of consolidation.

MATIC’s immediate resistance stood at $0.90. MATIC’s immediate resistance was $0.90. If the demand is consistent, MATIC may challenge the price at the next trading session.

After the asset has reached the $0.90 mark it could move on to $0.93.

The bulls can aim at $1 only if MATIC breaks above the $0.90 price level. MATIC can move above the ceiling price and a trend reverse could happen.

MATIC could fall to $0.77, however, if it falls from its current price level. The bears would be strengthened once again at this level.

MATIC trading volume dropped in the previous session. This indicates a drop in selling pressure.

Technical Analysis

MATIC observed an increase in the buyers of the 1-day chart. Source: MATICUSD at TradingView| Source: MATICUSD on TradingView

As shown in technical indicators, the market saw a 7% increase over the past 24 hours which brought buyers back into it.

Relative Strength Index rose from below the 50% mark to be above 60, which indicates that buyers are dominating the market.

MATIC was also higher than the 20 SMA line. This indicates that the market was experiencing an increase in demand. Market buyers are driving price momentum by placing MATIC higher than the 20-SMA.

Source: MATICUSD on TradingView| Source: MATICUSD on TradingView

MATIC also showed a buy signal, which indicates that MATIC could register additional gains during the next trading session. Awesome Oscillator is a indicator of current momentum and price trends for the asset.

AO was green at the top and over the half-line, which can be considered a buy signal.

Chaikin Money Flow shows the capital outflows to the asset.

CMF was high as the indicator was visible above the half line, which indicated that more capital had entered the asset than was outflowing at the time.

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