Published 4 hours ago
Under the influence of recent recovery and the formation of a double bottom pattern, the polygon coin price managed to rebound from the $0.757 support. In the first two weeks of 2023, the coin price surged 38% higher to reach a local resistance of $1.04. During this bull run, MATIC’s price also provided a massive breakout from the $0.035 neckline resistance of the double button pattern. Here’s how this pattern may influence the MATIC coin’s future price
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Key Points
- Intense supply pressure above $1.05 resistance indicates prolonged consolidation in polygon coin price.
- The range between $0.935 and $0.87 stands as a strong support zone as crucial EMAs waver between this level
- The intraday trading volume in the MATIC is $392.5 Million, indicating a 32.6% loss.
Source- –Tradingview
The double bottom pattern is one of the famous bullish reversal patterns which could intensify the bullish momentum and drive the asset price to higher levels.
However, as the market sentiment seems to halt bullish growth, price the MATIC is struggling to surpass the $1.05 barrier. Last week, the coin price showed multiple failed attempts to breach the aforementioned resistance.
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The several higher price rejection candles at $10.5 resistance indicate the sellers are aggressively defending this level. By the press time, the MATIC coin trades at $1.006, but if the selling pressure persists, the prices could tumble 7% to revisit the $0.935 support.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
Thus, the traders can enter the retest opportunity mentioned above or wait for the $1.05 breakout. Anyhow under the influence of the double bottom pattern, the polygon coin price rise to the $1.13 mark.
Technical Indicators
MACD: the MACD(blue) and signal(orange) line is gradually nearing a bearish crossover, encouraging a temporary pullback in MATIC price.
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EMAs: the flattish EMAs (20, 50, 100, and 200) accumulated between the 0.93 and 0.87 mark indicate a high accumulation zone for coin buyers.
Polygon Coin Price Intraday Levels
- Spot rate: $1.003
- Trend: Bullish
- Volatility: High
- Resistance levels- $1.06 and $1.136
- Support levels- $0.935 and $0.87
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/heres-how-you-may-trade-the-new-bullish-pattern-in-polygon-coin/
