MATIC Price Analysis: Is MATIC Safe From Bear Traps At $0.60?
The post MATIC Price Analysis: Is MATIC Safe From Bear Traps At $0.60? appeared first on Coinpedia Fintech News
As the market-wide recovery boosts most of the altcoins, MATIC price ranks in the top tier in the gainers list. With an overnight bullish spark, the possibility of a prolonged uptrend increases for Polygon this Uptober.
Moreover, with a bullish pattern in play, the potential breakout rally in Polygon will reclaim multiple levels. With increased spirits of Uptober, the MATIC price prediction hints at reaching $1 in 2023.
Following the resistance trendline breakout, the MATIC price overcomes the bearish influence but fails to surpass the 50-day EMA. With higher price rejections from the $0.60 mark, Polygon took a second dip to the psychological mark of $0.50.
Forming a double bottom pattern, the market-wide recovery boosts the bullish pattern formation for Polygon. With an overnight jump of 3.71%, the prices sustain above $0.50 and tease the neckline breakout at $0.60.
However, the MATIC price trend must overcome the declining 50-day EMA that remains a dynamic resistance. Currently, the MATIC price is trading at $0.5304 with an intraday move of -0.69%, leading to a short pullback.
Technical indicators:
MACD indicator: With the buyers back in play, the overall sentiment and the trend momentum take on a positive trajectory. Moreover, the MACD and signal lines tease a positive crossover as the negative histograms decline.
EMA indicator: The falling trend in the 50-day EMA maintains the bullish growth in check. However, the breakout will signal a trend reversal in play.
Will MATIC Price Sustain Above $0.50?
With the markets ready for a bullish boost this week, altcoins are oozing with bullish sentiments and form solid footings. Moreover, the reversal in Poylgon sustains the market price above the $0.50 mark. The next crucial entry point will be the 50-day EMA breakout, leading to a potential jump to $0.65.
On the positive side, a reversal from $0.60 will plunge the MATIC price to $0.50.
Filed under: Bitcoin - @ October 17, 2023 9:16 am