Polygon (MATIC) Eyes $1 After Successful Breakout; Will Bulls Push For A Retest?

  • MATIC’s price shows strength as price breaks bounced off from $0.76 with good volume with eyes set to reclaim $1. 
  • MATIC ends its downtrend and the price reverts to a bullish pattern. 

Polygon (MATIC), despite recent market volatility, has maintained its price. As the market is poised for major rallies, Polygon (MATIC), has held firm and defended its support. Bitcoin’s (BTC), which was at $19,000.100 low, gained strength and climbed to $19,000.600. The attempt to breakout to $20,000.000 failed. Most crypto assets will experience relief after a successful breakout. Data from Binance

Polygon (MATIC), Price Analysis on The Weekly Chart

Although the price of MATIC has seen a lot of movement over the past weeks because there have been so many projects and partnerships built through the network polygon, it still attracts the interest and attention traders and investors who are looking for any opportunity to build MATIC.

MATIC’s price has been affected by the bear market. MATIC fell to $0.35 per week with what appears to be a demand area where it soared to $1.

MATIC’s price was rejected at $1, despite its ability to surpass this resistance with great force. MATIC was rejected from the region, leading to a price drop to $0.76 per week.

MATIC’s price held this support of $0.76 strong to avoid a sell-off, as this would be a good area for bulls to push the price higher.

Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.76.

Analyse of Price for MATIC On the Daily (1D) Chart

Monthly MATIC Price Chart | Source: MATICUSDT On Tradingview.com

MATIC prices trade lower than $1 daily, although they broke from their downtrend when the price formed an ascending triangle. The price is now holding steady from support.  

MATIC’s price has been strong. The price traded in a descending triangular pattern to increase buy orders. However, the price broke through with high volume and traded at 50 EMA. This price is $0.8, which serves as support to the MATIC price. The MATIC price could regain 200 EMA and we may see additional price action in the range of $1-$1.2.

Relative Strength Index, (RSI), for MATIC price in the daily timeframe looks positive after rallying out of an oversold area. It indicates that MATIC has good volume.

Daily resistance for the MATIC price – $0.92-$1.

Daily support for the MATIC price – $0.76.

Featured Image from Cryptonomist. Charts From Tradingview 

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