The MATIC Price Trend and Market Analysis
With the pullback stage taking a pause above the crucial 50D EMA, the MATIC price trend teases a potential trend reversal. The recovering Altcoins market further improves investors’ confidence in entering Polygon.
The Polygon price indicates a double bottom reversal as the pullback concludes into a sideways shift. Additionally, the rising possibility of a bullish comeback aligns with the MATIC price prediction, hinting at a bullish end for 2023.
With a bullish failure to reach the $1 mark, the MATIC price takes a bearish turn due to extensive overhead selling pressure. The pullback phase halts at the strong support confluence of the $0.72 level and the 50D EMA.
The sideways stroll at the crucial support, which is becoming an area of interest, forms a double bottom pattern. Moreover, the last three days mark a positive growth rate for the Polygon token price.
The MATIC price trend displays a bullish recovery with the support of rising intraday trading volume. Currently, the MATIC coin price trades at $0.7612 with an intraday growth of 0.46% while forming a Doji candle.
- RSI Indicator: The daily RSI slope shows a bullish divergence present in the double bottom pattern, increasing the possibility of a bullish reversal rally.
- EMA Indicator: A golden crossover event between the 50-and-200-day EMA marks a trend reversal for Polygon.
Will MATIC Price Regain $1?
A bullish reversal from $0.72 with a double bottom reversal projects a major shift in the bullish trend to reclaim higher Fibonacci levels. According to the trend-based Fibonacci levels, the recovery rally shows potential to reach $1 upon the breakout of $0.82.
On the flip side, a bullish failure to sustain trend momentum will plunge the prices under $0.72. Further, the downtrend can retest the $0.62 level.