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Matic price flips the bearish divergence by surging nearly 10%, yet still very early to term as a ‘bull run’
If the current uptrend continues, the potential target may be above the current ATH at around $0.5
Is Matic Price at $0.6 Incoming?
Polygon or Matic price exploded smashing new highs, showcasing the pathway to $2 is imminent, however, an inverse consolidation established an uncertainty. However, the price picked up a bullish momentum to break the declining trend line.
The price gained nearly 20% to surge above the trend line, nevertheless, the jump does not appear massive to be termed as a bull run. As the price is attempting very hard to sustain above $0.4 levels which are mandatory to initiate a bull run.
As the price rose above the levels, a couple of red candles hindered the uptrend. And hence a strong boost is the need of the hour to hit the initial target set around ATH at $0.5. However, considering the recent price movement trend, the Matic price can form a new ATH around $0.6 levels too.
Watch Before You Enter!!
The Matic price initiated a massive decline since hitting the highest levels and since then it attempted hard to overcome the losses. The depleting volume may also be one of the major reasons for the consolidation, still, a slight recovery can be seen since the early trading hours.
Despite the asset broke the declining trend, the uptrend may not be ascertained as a bull run as the fear of a probable drop cannot be ruled out. A popular analyst and Co-Founder of ChartAlerts, Devchart cautions the traders.
He says that no doubt the Matic price may have broken the trend by bouncing off 55 EMA, yet it needs to hold at $0.41. And hence the traders can make an entry only if the price does not flip at these levels.
At the time of writing the Polygon or Matic price is $0.4064 with a jump of 9.14% compared to the last trading day. Currently, it is very important for the price to withstand above $0.4 levels and strongly head towards the target set at $0.5 to continue the bull run.