MATIC price action remains caught in a symmetrical triangle on the daily chart as the recent bull cycle has failed to break above the resistance trendline. Therefore, the short term appears bearish as the trend reverts to the supporting trendline. However, the mystery of the long-term trend is limited to the triangle pattern.
Main technical points:
The MATIC sellers are testing the 20-day EMA.
The intraday trading volume in MATIC is $1.10 billion, indicating a loss of 12.84%.
Polygon (MATIC) resonates within triangle
Source- Trading Display
The recent 5.86% reversal plunged the altcoin to $1.75. If sellers let the price drop below this support, the altcoin would retest the lower trendline along with the threat of a bearish collapse.
On the contrary, a lower price rejection at this support indicates that the buyers are trying to flip the price. If they succeed, the buyers would drive up the price to test air resistance again.
However, the crypto traders can expect some real directional move once the price breaks through one of these trendlines.
The moving average convergence divergence indicator shows the fast and slow line moving above the zero line, despite the declining distribution of the bullish histograms.
Source- Trading Display
The bull cycle of the MATIC coin price has failed to surpass the resistance trendline despite the 13% gain on Feb. 15. The sellers at the resistance trendline are crushing the bullish uprising resulting in a bearish reversal.
Therefore, the short-term downtrend presents an opportunity as the bear cycle may soon test the support trendline.
The price of the Polygon token remains above the 200-day EMA but bursts below the 20-day average. However, the bullish alignment of the averages keeps bullish hopes alive.
The daily relative strength index teetering around the midline indicates indecisiveness on the part of market participants.
Resistance Levels- $1.77 and $2
Support Levels- $1.5 and $1.3
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
I have been working in journalism for the past 5 years. I follow the Blockchain & Cryptocurrency of the past 3 years. I have written on a variety of topics, including fashion, beauty, entertainment and finance. contact me at brian (at) coingape.com
This post MATIC Price Analysis: This Symmetric Triangle Breakout Is Key To Bull Rally
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