Cryptoknowmics
2022-06-23 07:42:37

MATIC Technical Analysis: Will Polygon Prices Return To $1?

A sharp bullish reversal leads to a trendline breakout bringing an entry opportunity for the MATIC buyers as demand increases. Key technical points: The MATIC market price has appreciated 23.26% over the past 24 hours. The price action breached the midline of the Bollinger Bands. The 24-hour trading volume of Polygon is $759 Million, indicating a hike of 51%. Past Performance of MATIC In the MATIC technical chart, a distinct downtrend generates a bearish trendline, accounting for an 80% drop to touch the $0.336 mark. The buyers quickly started to hoard Polygon tokens at such a discounted price resulting in a hike of 50% over the week. Moreover, the price jump approaches the overhead psychological mark of $0.50. Source- Tradingview MATIC Technical Analysis In the MATIC/USD technical chart, the reversal rally breaks above the resistance trendline with a boom in trading volume, displaying an exodus of buyers returning. Hence, the chances of a prolonged breakout rally increase significantly. MACD indicator: The bullish crossover of the fast and slow lines refuels the bullish trend in MACD histograms, signaling a fresh uptrend in motion. Bollinger Bands: The market price rises above the midline of Bollinger bands, signaling a rise in underlying demand. Hence, a jump to the upper band will increase the likelihood of a prolonged uptrend. RSI indicator: The daily-RSI line shows a sharp reversal from the oversold zone with a double bot...

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