MATIC Price Rebounds From Local Support Of $1.2; Will Bullish Rally Continue?

polygon (matic)

The parabolic growth in MATIC coin price has recently marked a new local top at $1.54. Furthermore, with increased bearishness in the crypto market, the coin price turned down from this peak and tumbled 22% down to reach the $1.2 mark. Thus, a V-top reversal plunged the price below the $1.3 mark, indicating the price could prolong the bearish trend.

Key Points 

  • The formation of the V-top reversal indicates a rapid downfall and a high level of confidence from sellers.  
  • The 50-day EMA moving near the $1.18 mark increase the support strength of this level/
  • The intraday trading volume in the MATIC  is $5.5 Million, indicating a 37.5% gain.

TradingView ChartSource- -Tradingview

The V-Top reversal has also breached the last swing high resistance of $1.305, hinting at a prolonged correction in MATIC price. However, on February 25th, the coin price showcased a long-lower price rejection at $1.2 support suggesting the buyers are accumulating at the dips.

Furthermore, the polygon coin price today is 2.74% up and may rise higher to retest the breached $1.3 support and possible resistance. The MATIC holders lookout for this level as behavior around it could influence the near future price.

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If the coin price shows sustainability below the $1.3 mark, the sellers may extend the ongoing correction phase and plunge the price to the $1.05 mark.

On a contrary note, a bullish breakout from the $1.3 resistance will encourage buyers to rechallenge the $1.532 barrier.

Technical Indicators

MACD: After a bearish crossover, a significant gap between the MACD and the signal line indicates the selling pressure in the market hikes.

EMAs: The recently breached 20-day EMA slope moving near the $1.3 level increases the resistance power of these levels.

MATIC Coin Price Intraday Levels

  • Spot rate: $1.29
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels- $1.3., and $1.53
  • Support levels- $1.18 and $1.05

The post MATIC Price Rebounds From Local Support Of $1.2; Will Bullish Rally Continue? appeared first on CoinGape.

Crypto Feed:
Brian Bollinger