The MATIC coin price action shows a bullish reversal within the falling channel and indicates a high possibility of a post-breakout bull run. Polygon (formerly Matic Network) is a Layer 2 sidechain for Ethereum, backed by Binance and Coinbase. The goal of the project is to encourage widespread adoption of cryptocurrencies through solving the issue of scaling on a wide range of blockchains. Polygon is a combination of the Plasma Framework with the proof of stake blockchain. The Plasma framework utilized in the network was developed by the founder and co-founder of Ethereum, Vitalik Buterin. It allows for the quick execution of scalable and self-contained smart contracts. Let us move ahead to read about MATIC technical analysis. Past Performance of MATIC The MATIC coin price shows a sudden increase in buying pressure as it approaches the 50% Fibonacci retracement level. The coin price increased more than 10% in the last 48 hours. However, the fall of 15% in the intraday trading volume shows a lack of bullish commitment. MATIC/USD Daily Chart MATIC Technical Analysis The MATIC coin price action shows the falling channel in motion is intact. That is why a reversal from the resistance trendline is possible. However, the bullish engulfing candle in the daily chart does increase the chances of an upside breakout. The coin price manages to sustain above $2 with the support of 100-day EMA but the price remains below the 50-day EMA. However, the EMAs maintain a positive alignment that reflects an overall uptrend in action. The price action indicates resistance at $2.25 and $2.50 above the resistance trendline. The support levels are at $2 and $1.75 below the 100-day EMA. The RSI indicator at 45% shows a reversal in slope from the depths of the nearly oversold zone. However, the overall trend remains bearish for the RSI as the 14-day SMA is in a downfall. The Stochastic RSI indicator shows the K and D lines give a bullish crossover in the oversold zone. Therefore, a potential uptrend in the K and D lines teases a bull run possibility in the MATIC coin price. Upcoming Trend The MATIC technical analysis shows a bullish reversal from the support trendline of the falling channel. However, the price is yet to overcome the selling pressure of the resistance trendline. Nonetheless, the increase in underlying bullishness evident by the technical indicators and the price action teases a bull run. Therefore, a break out of the channel will indicate a bullish upcoming trend.
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