MATIC Technical Analysis: Will Buyers Reverse Trend Post-Consolidation?

Time Stamp: May 25, 2022 2:30 PM
Source Node: 1325723

Polygon (MATIC) Technical Analysis

MATIC price action shows a high potential of bullish reversal within the consolidation range. Should you keep an eye out for breakout? Key technical points: The MATIC market value inflated by 1.52% in the last 24 hours. Bollinger bands project a reversal in the lower band. The 24-hour trading volume of Polygon is $448 Million, indicating a fall of 15.81%.  Past Performance of MATIC The MATIC price witnessed a dramatic increase of $0.50 and then to the upper resistance of $0.75; however, the upward trend could not surpass the opposition, resulting in a downward shift. But the critical support value at $0.60 maintains the low pressure at bay and boosts the likelihood of an upward trend. Source-Tradingview MATIC Technical Analysis  In the event of being trapped in low range movements and the momentum of the trend is sucked upwards and waits for a surge in the volume of trading to release. Therefore, traders can anticipate an abrupt movement on either side. A bullish crossover between MACD and signal lines is an excellent way to encourage MATIC buyers, as is evident in the increasing trends of the bullish trend in histograms. The market price indicates a rise in the demand for the base since both VI lines from the Vortex indicator converge to create a bullish cross-over. In short, MATIC technical analysis displays a high consolidation breakout possibility. However, the direction of the breakout remains debatable as the low range keeps the price of knife’s edge. Upcoming Trend A bullish breakout in the consolidation range could break $0.75 and test the $0.75 mark and push an overhead support level at $1. On the other hand, If sellers take the MATIC down below that $0.60 limit, the result will push the altcoin to $0.050. Resistance Levels: $0.75 and $1 Support Levels: $0.60 and $0.50  

The post MATIC Technical Analysis: Will Buyers Reverse Trend Post-Consolidation? appeared first on Cryptoknowmics-Crypto News and Media Platform.

Time Stamp:

More from Cryptoknowmics