Polygon(MATIC) Price Primed to Undergo A Short-Lived Rally to Hit $0.5! What’s Next?

The post Polygon(MATIC) Price Primed to Undergo A Short-Lived Rally to Hit $0.5! What’s Next? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Polygon (MATIC) price since the early trading hours has gained significant bullish momentum and is rising high aiming to reach $0.48 levels at the earliest. The technicals suggest the price is poised to surge towards the north but the fear of the bulls getting exhausted also haunts the rally. Therefore, the current rebound may be only a short-term bounce and hence resembles a bull trap being spread out. 

MATIC Price Analysis for Short-Term

• The MATIC price during the weekend has slid below the trend line, indicating the resurgence of the bearish trend

• However, since the early trading hours, the bulls regain control and uplifted the price by nearly 4%

• The asset is expected to slice through the uptrend line, but the bears here are attempting to restrict the price

• On the other hand, the RSI is swinging within an ascending parallel channel that signifies the upswing to be imminent

• After undergoing immense upward pressure, the asset is expected to break above and secure the levels at $0.48.

• Once these levels are sealed, the asset may find itself within an ascending triangle that may enable the price to break above $0.5

Also Read: Cardano’s Vasil Hard Fork Testnet Goes Live! Will it Impact the ADA Price?

MATIC(Price) for the Long-Term

• The long-term chart signifies a significant bearish trend while the bottoms are expected to test in the next couple of days

• MATIC price since the beginning of July trade has dropped notably, similar to that of May and hence the bottoms may be fast approaching

• The current descending triangle has been carried ever since the beginning of 2022 and hence it is extremely important to break through these levels

• Therefore, the current drop is expected to drag the price towards the June lows, also beyond these levels in the worst case

• However, the drop is expected to induce a catapult action that may enable the price to regain the lost levels ahead

Also Read: Top Reasons Why Bitcoin (BTC) Price Might Hit $22K This Week!