Published 8 hours ago
The U-shaped recovery in the polygon coin price showed the formation of a rounding bottom pattern. This bullish reversal pattern is a sign of sustained recovery, which could gradually rise the coin’s market value significantly. Under the influence of this pattern, today, the polygon coin price gave a bullish breakout from the $1.13 barrier. Here’s how far this pattern may lead to a bullish recovery.
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Key points
- A high momentum breakout from the $1.13 breakout sets the polygon coin for a 10% rise.
- A golden crossover between the 50-and-200-day EMAs attracts more buyers in the market.
- The intraday trading volume in the MATIC is $1.07 Billion, indicating a 14% gain.
Source- –Tradingview
Amid the new year recovery in the crypto market, the Polygon coin price gave a bullish breakout from the monthly resistance of $0.95 on January 14th. This breakout indicated the prices are out of the accumulation zone and could trigger a fresh recovery rally.
However, the coin prices went sideways and above the breached resistance, trying to stabilize the bullish trend. Thus, this correction phase was important for MATIC price as it neutralized the excess buying and checked coin sustainability at higher levels.
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Thus, the replenished bullish momentum surged the prices higher and pierced immediate resistance of $1.04 and $1.13. Today, the polygon price traders at $1.17 and is 55% up since Jan 1st low.
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If the daily candle closes above $1.13, the buyers are getting a suitable launchpad to take a jump from and resume the bullish trend. With sustained buying, the coin price could rise 10% higher to hit the $1.3 neckline of the rounding bottom pattern.
However, in response to this pattern formation, the Polygon coin price should surpass the $1.3 barrier in the near future.
Technical Indicators
EMAs: the falltish EMA(20, 50, and 100) started bending upward accentute a strong recovery in MATIC price
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RSI: the daily-RSI slope rising back to the overbought region gives an additional confirmation that market sentiment favors bullish growth.
Polygon Coin Price Intraday Levels
- Spot rate: $1.17
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.3 and $1.145
- Support levels- $1.13 and $1.04
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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/new-resistance-breakout-sets-polygon-coin-on-10-upswing/
