Price Analysis View Non-AMP

MATIC Price Analysis: Is MATIC Safe From Bear Traps At $0.60?

Published by
Sohrab Khawas

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.

Sohrab Khawas

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.

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