Matic’s Impressive Recovery
Matic has demonstrated a remarkable recovery over the past month, particularly rebounding from the $0.69 level.
Breakout and Uptrend Potential
The token experienced a robust breakout after more than a year of consolidation, indicating the potential for a significant uptrend.
Descending Trend Line
Since being rejected from its long-term all-time high (ATH), the $MATIC price has been following a descending trend line.
Descending Channel on Daily Chart
On the daily chart, #Polygon is currently within a descending channel pattern.
Ascending Support Line
An ascending support line has provided stability during bearish pullbacks and facilitated a strong rebound.
New Bullish Trend
The recent rebound allowed the price to break through upper resistance, signaling the commencement of a new bullish trend reminiscent of the 2021 bull run’s beginning.
Weekly Chart Analysis
The weekly chart reveals a pattern similar to the 2021 bull run, with the price breaking above a decisive triangle.
Coingabbar Price Analysis
According to Coingabbar Price Analysis, bulls need to maintain levels above $1.15 and close the weekly trade above these levels for continued bullish momentum.
Key Levels
Resistance Level: $3.0000-$6.0000
Traders should be vigilant of resistance between $3.0000 and $6.0000.
Support Level: $0.5000-$0.0500
On the downside, a crucial support level lies between $0.5000 and $0.0500.
