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MATIC Technical Analysis: Will This Bull Cycle Take Polygon Above $0.90?

source-logo  cryptoknowmics.com 30 November 2022 11:08, UTC

The MATIC technical analysis signals buying opportunities for traders as bullish momentum reappears after a pullback at $0.86, teasing a breakout above the $0.90 mark. The Polygon (MATIC) price action shows a resurgence of bullish momentum as the token delivered growth of 3.65% in the last 24 hours. The token has managed to recover from last week’s plunge to the $0.81 support level with a rise of 2.5% over the last 7 days. A growth of 3.50% in market valuation to $7.60 billion and a 1.90% rise in trading volume to $266.50 million also support the bullish momentum in the market. Currently trading at $0.87, the present bull cycle is eyeing to break above the crucial mark of $0.90 as buyers are dominating the market.

Key Points

  • The MATIC price action maintains a bullish momentum
  • The price line challenging the 200-day EMA strengthens the bull cycle
  • The intraday trading volume in MATIC is $266.50 million

TradingView ChartSource: Tradingview

MATIC Technical Analysis

The higher highs and higher lows as shown by the resistance and support trendline on the daily chart signal an uptrend in the market. Moreover, the jump in price action above 200-day EMA indicates an upcoming upward trend. The movement of token prices above 78.60% from 38.20% on the Fibonacci retracement level is also an indicator of a bull cycle supported by a surge in demand. MATIC will break above the $0.90 mark if bullishness sustains. Whereas if the token turn to a bearish reversal, falling below $0.85 would be inevitable.

Technical Indicators

The RSI slope moving above the 60 mark while giving a bullish divergence above the halfway line projects an uptrend with an increase in buying pressure. MACD is also set for another upswing with a bullish crossover as bullish bars remerge on the histogram. Therefore, the technical indicators forecast a high possibility of continuation of bullish momentum. As a result, traders can find multiple buying opportunities.