MATIC Price Analysis: As Polygon Takes Off Buyers Eye 25% Hike!

2 months ago 20
MATIC Price Analysis

The post MATIC Price Analysis: As Polygon Takes Off Buyers Eye 25% Hike! appeared first on Coinpedia Fintech News

With a long-term correction in 2023 following the early gains, the MATIC price action finally regains bullish momentum with the overall market recovery. Moreover, the Google Cloud staking of 10,000 MATIC boosts the positive sentiment around Polygon. 

The bullish turnaround in MATIC price brings a breakout rally in the daily chart and aims to recover more level with this uptrend. With the Uptober rally driving altcoins higher, the MATIC price predictions for the coming times are higher than before. 

Finding crucial bullish support at $0.49, the MATIC price action finds a cushion and a launch pad to shift into the bullish gear. The double bottom reversal from this support level cracks down the long-coming resistance trendline. 

This crackdown not only ends the long streak of lower high formations but also gives a falling wedge breakout entry point for sideline buyers. The uptrend continues with consecutive bullish candles for four days, accounting for a 13% jump.

Currently, the MATIC price is trading at $0.5618  with an intraday fall of 1.13%, leading to a pullback candle. The sudden pitstop in the uptrend comes as the Polygon price faces opposition at the $0.5911 resistance level, leading to a higher price rejection. 

Moreover, the supply pressure at the 50-day EMA remains strong as ever and opposes further recovery. 

Technical indicators:

MACD indicator: The MACD line spikes higher, taking a bullish route to the zero line as the positive histograms rise. 

RSI indicator: The daily RSI line spikes higher and closer to the overbought boundary with the help of a recent bullish divergence. 

Therefore, the momentum indicators are signaling a stronger bullish side. 

Will MATIC Price Reach The 200-Day EMA?

With the ongoing uptrend, the MATIC price seems on a roll to recover the lost level and jump higher into the gainer’s list. However, the buyers must prioritize reclaiming the 50-day EMA to continue the bullish trajectory. Considering the uptrend recovers the $0.5911 level, the Polygon price can jump higher to the $0.7150 mark, close to the 200-day EMA.  

Conversely, a reversal from the 50-day EMA will plunge the altcoin price lower to retest $0.52 or $0.50.

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