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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 27, 2023 10:46 UTC
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Is MATIC Price Rally Heading to $1.2? Chart Pattern Offers Insight
A double-bottom reversal hints at an early signal of trend Reversal.
A bullish crossover between the 100-and-200-day EMA accelerates the recovery sentiment
The double bottom pattern sets MATIC price rally to $1.5
Defying the current uncertainty in the crypto market, the MATIC price managed to rebound from $0.75 and surge 42.6% in the last eight days.
The rising matic gives a bullish breakout from multi-month resistance and releases it from a sideways trend. Thus, the increasing possibility of a renewed recovery trend hints at a bullish outlook for MATIC price prediction.
In line with broader market recovery, and the formation of a double bottom pattern at $0.5 base support, the Polygon market price initiated a recovery trend in late October. The resulting rally surges the MATIC value by 95.64% before encountering $0.938.
With newfound supply pressure, the Polygon coin price turned to post-rally correction, meant to recuperate the exhausted bullish momentum. Amid the December uncertainty in the crypto market, the MATIC price managed to sustain above the $0.725 mark.
With a strong bounce back, the MATIC price gave a high volume breakout from the last swing top of $0.938, signaling the continuation of the recovery trend.
Technical indicators:
RSI Indicator: This daily RSI slope shows jumps above the 70% mark accentuating a strong recovery momentum in the market.
EMA indicator: In case of occasional pullback, the MATIC price can find suitable support at 20-and-50-day EMA slope.
Will MATIC Price Recovery Hit $1.5?
On December 25th, the MATIC price gave a decisive breakout from the multi-month resistance of $0.938, offering buyers a suitable launchpad for higher recovery. By the press time, this altcoin trades at $1.05 with an intraday gain of 3.2%.
As per the Fibonacci extension level, the polygon coin price may chase potential targets of $1.2, followed by $1.5 in an extended rally.
On a contrary note, if a possible retest to the breached resistance fails to sustain above $0.938, the selling pressure will intensify to the formed bull trap scenario.
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