With the rounded bottom breakout in the 4-hour chart, the MATIC coin price is set to reach $2.5 and set a new all-time high.
Polygon is the first structured and user-friendly platform built for Ethereum expansion and infrastructure development. Its main component is the Polygon SDK, which is a modular and adaptable foundation for creating many types of apps.
MATIC successfully transforms Ethereum into a full-fledged multi-chain technology, sometimes known as the Internet of Blockchains. The multi-chain system is very similar to other systems such as Polkadot, Cosmos, Avalanche, and so on. However, the virtues of Ethereum’s security, strong community, and transparency set it apart.
MATIC’s Previous Performance
MATIC coin price has increased by 25% in the last five days from $1.77. Furthermore, the price breaks above the $2.2 level, which was the neckline for the 4-hour chart’s rounded bottom pattern.
As a result, traders have a great entry opportunity at current prices to participate in the next bull run.
Technical Analysis of MATIC
On the daily chart, the MATIC coin price action develops numerous bullish candles with protracted lower price rejection. As a result, the possibilities of a bull run setting a new all-time high are increasing.
After the $2.5 mark, the pivot points show a resistance level at $2.88. However, if the price falls below the $2.2 level, support levels are between $2 and $1.80.
At 60%, the RSI indicator indicates a remarkable increase in underlying optimistic feelings. Furthermore, the MACD indicator shows an increase in both the fast and slow lines while remaining positive. Furthermore, the trend in the histogram is rising in tandem with the pricing.
Finally, the price movement demonstrates an incredible breakout entry opportunity with the support of technical indicators indicating an increase in purchasing demand in MATIC coin.
The MATIC coin price is currently slightly higher than $2.2, with an intraday increase of 7.35 percent. Once the price finds traction, the growth will accelerate. As a result, traders must act quickly to prevent missing out on a price increase.