Is MATIC Price Volatile As Ever? New Reversal Signal 20% HIKE!

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With the pullback stage taking a pause above the crucial 50D EMA, the MATIC price trend teases a trend reversal. Further, the recovering Altcoins market improves investors’ confidence in entering Polygon.

The Polygon price teases a double bottom reversal as the pullback concludes into a sideways shift. Moreover, the rising possibility of a bullish comeback aligns with the MATIC price prediction, teasing a bullish end for 2023.

Source – Tradingview

With a bullish failure to reach the $1 mark, the MATIC price takes a bearish turn due to the extensive overhead selling pressure. The pullback phase halts at the strong support confluence of $0.72 level and the 50D EMA. 

The sideways stroll at the crucial support that is becoming an area of interest forms a double bottom pattern. Moreover, the last three days marks a positive growth rate for the Polygon token price. 

The MATIC price trend displays a bullish recovery with the support of rising intraday trading volume. Currently the MATIC coin price trades at $0.7612 with an intraday growth of0.46% while forming a Doji candle. 

Technical indicators:

RSI Indicator: This daily RSI slope shows a bullish divergence present in the double bottom pattern. This increases the possibility of a bullish reversal rally.  

EMA indicator: A golden crossover event between the 50-and-200-day EMA marks a trend reversal for Polygon.   

Will MATIC Price Regain $1?

A bullish reversal from $0.72 with a double bottom reversal projects a major shift in bullish trend to reclaim higher Fibonacci levels. As per the trend based Fibonacci levels, the recovery rally shows a potential to reach $1 upon the breakout of $0.82. 

On the flip side, a bullish failure to sustain trend momentum will plunge the prices under $0.72. Further, the downtrend can retest the $0.62 level.