The last three months of price action in polygon coin shows the formation of a rounding bottom pattern. This bullish reversal pattern is characterized by a gradual U-shaped curve in which the price of an asset decreases over a period of time before gradually increasing again. However, With the ongoing uncertainty in the crypto market, MATIC is poised for a minor correction and offers a discounted opportunity to trade. Here are the levels that coin holders should watch
- In theory, the rounding bottom pattern indicates a transition from a downtrend to an uptrend and is often considered a sign that a bottom has been reached.
- The ongoing correction in MATIC price could stabilize the bullish trend for further rally.
- The intraday trading volume in the MATIC is $411.2 Million, indicating a 14.3% loss.
Amid the new year recovery, the Polygon coin price rallied 58.8% since January 1st and formed a local top at $1.193. However, concerned with today’s FOMC meeting, the market sentiment showed indecisiveness over the last two weeks and stalled bullish growth in a majority of cryptocurrencies.
As a result, the Polygon coin price reverted from the $1.193 resistance and tumbled 7.5% to reach the current price of $1.09. Moreover, if the selling pressure persists, the altcoin may dive another 5.5% to retest this $1.03 support.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
However, the reducing volume during this pullback indicates this correction is temporary, and prices are likely to resume a bullish recovery. Thus, under the influence of the rounding bottom pattern, the coin price should challenge the $1.3 barrier in the near future.
Anyhow, in an ideal bullish condition, this technical setup shall push the MATIC price to the $1.835 mark.
Relative Strength Index indicator is a momentum oscillator that measures the strength of a coin’s price action by comparing the magnitude of recent gains to recent losses. Thus, a rising MATIC price and falling RSI hint at the weakness in bullish momentum and a higher possibility for the correction phase.
: the rising EMAs(20, 50, 100, and 200), wavering near the $1.03 and $0.935 mark, creates a strong support zone for coin holders.
Polygon Coin Price Intraday Levels
- Spot rate: $1.09
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $1.19 and $1.3
- Support levels- $1.035 and $0.935
