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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.
- Nov 30, 2023 08:54 UTC
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Is MATIC Price Volatile As Ever? New Reversal Signal 20% HIKE!
The MATIC price trend signals a double bottom reversal as it bounces from $0.72.
The golden crossover event in the daily chart sirens off a trend reversal for Polygon.
The MATIC price can reach the $1 mark with a double-bottom reversal.
With the pullback stage taking a pause above the crucial 50D EMA, the MATIC price trend teases a trend reversal. Further, the recovering Altcoins market improves investors’ confidence in entering Polygon.
The Polygon price teases a double bottom reversal as the pullback concludes into a sideways shift. Moreover, the rising possibility of a bullish comeback aligns with the MATIC price prediction, teasing a bullish end for 2023.
With a bullish failure to reach the $1 mark, the MATIC price takes a bearish turn due to the extensive overhead selling pressure. The pullback phase halts at the strong support confluence of $0.72 level and the 50D EMA.
The sideways stroll at the crucial support that is becoming an area of interest forms a double bottom pattern. Moreover, the last three days marks a positive growth rate for the Polygon token price.
The MATIC price trend displays a bullish recovery with the support of rising intraday trading volume. Currently the MATIC coin price trades at $0.7612 with an intraday growth of0.46% while forming a Doji candle.
Technical indicators:
RSI Indicator: This daily RSI slope shows a bullish divergence present in the double bottom pattern. This increases the possibility of a bullish reversal rally.
EMA indicator: A golden crossover event between the 50-and-200-day EMA marks a trend reversal for Polygon.
Will MATIC Price Regain $1?
A bullish reversal from $0.72 with a double bottom reversal projects a major shift in bullish trend to reclaim higher Fibonacci levels. As per the trend based Fibonacci levels, the recovery rally shows a potential to reach $1 upon the breakout of $0.82.
On the flip side, a bullish failure to sustain trend momentum will plunge the prices under $0.72. Further, the downtrend can retest the $0.62 level.
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