MATIC Price Prediction
Amid the recent sell-off in the crypto market, the MATIC price witnessed a significant downfall in the last two weeks and plunged back to local support of $0.94. This support coincides with the 50% Fibonacci retracement level creating a strong accumulation zone that could assist buyers to recuperate bullish momentum. Moreover, a bullish reversal pattern spotted at $0.94 indicates a high possibility for the polygon coin to initiate a fresh rally.
Double-Bottom Pattern Formation
In the daily time frame chart, the MATIC price shows the formation of a double-bottom pattern. This is a commonly spotted reversal pattern that reflects the increasing buying pressure at a particular support. Under the influence of this pattern, the MATIC price has surged 6.5% in the last two days and is currently trading at $0.9945.
Resistance and Potential Breakout
If the buying pressure persists, the coin price should rise another 4% and poke the $1.036 neckline resistance. A potential breakout from this resistance may keep the bullish momentum and offer buyers a significant footing to prolong the bullish rally. In favorable conditions, a breakout from this pattern’s neckline resistance offers a price rally of the same distance between the neckline and base support.
Conclusion
The MATIC price is showing signs of a bullish reversal with the double-bottom pattern formation and the potential breakout from the neckline resistance. However, it’s important to keep in mind that the cryptocurrency market is highly volatile and unpredictable. Investors should conduct thorough research and exercise caution when making investment decisions.
