• Technical Analysis of Polygon (MATIC): Price Breaks Above Bullish Pattern

  • In the daily chart, the MATIC token price breaks above the double bottom price pattern. If the price is retested, it may reach $2.

    Binance, Coinbase, and others have supported Polygon (formerly Matic Network), a layer two scaling option. This project aims to accelerate cryptocurrency adoption by addressing scaling issues across multiple blockchains.

    Polygon is a blockchain that combines the Plasma Framework and a proof-of-stake architecture. The Plasma framework, proposed by Vitalik Buterin, co-founder and CEO of Ethereum, makes scalable, intelligent contracts simple to execute.

    Let’s take a look at the technical analysis of the Polygon cryptocurrency now.

    MATIC’s Previous Performance

    On September 27th, MATIC coin prices experienced an increase in buying pressure around $1. This resulted in a price increase of about 20% the following week. On the weekly chart, the price action produced a bullish engulfing candlestick.

    Technical Analysis by MATIC

    Polygon cryptocurrency is currently trading at $1.29 at the time of writing. In addition, it has dropped 0.39 percent in the last 24 hours. In addition, the coin’s intraday trading volume dropped 10%, indicating coiling up ahead of the breakout.

    On the daily chart, the price action indicates a retest of the bullish breakout of the double bottom pattern. Furthermore, with long wick candles indicating lower price rejection, the coin price is currently near the pattern’s neckline.

    Following a successful retest, a bull run could face resistance near $1.6 and $2, raising the possibility of a reversal.

    On the 4-hour chart, MATIC crypto trades above all of the critical Exponential Moving Averages. Furthermore, the EMAs remain in a bullish alignment. As a result, there is a strong underlying bullishness.

    On the daily chart, the MACD and signal lines are both above zero. As a result, a buy signal is generated.

    In the 4-hour chart, the RSI slope rises slightly above the central line. The slope, on the other hand, is slanting. As a result, the RSI indicates neutrality.

    Future Developments

    According to MATIC Token’s technical analysis, the price is at a critical juncture. A bull run can occur if the bullish breakout of the double bottom pattern is successfully retested. To avoid possible fake breakouts, traders may want to wait until the price exceeds $1.4.

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