Can This Bullish Pattern Assist Polygon Coin To Reach $1?

Coinmama
MinersGarden


Published 2 hours ago

The Polygon coin chart shows the formation of the Flag pattern in the daily time frame chart. In theory, the ongoing correction is responsible for stabilizing the aggressive buying from the previous rally. Furthermore, a bullish breakout from the pattern’s resistance trendline triggers this continuation pattern and may resume the prevailing recovery.

Key points 

The polygon coin price continues to face selling pressure at the resistance trendline.
A breakout above the resistance trendline will invalidate the downside theory.
The intraday trading volume in the MATIC is $748.3 Million, indicating a 24.5% gain.

Polygon Coin Chart Source- –Tradingview

HashFlare

The declining trend continues in the Polygon market price within a flag, accounting for a drop of 31.5%. Additionally, the price drop breached the crucial support level of $0.75, leading to a dump of $0.69. 

However, the price obtained significant support at the pattern’s support trendline and revert the coin 20%. Furthermore, the recovery rally challenges the wedge patterns resistance trendline increasing the possibility of a bullish breakout. 

Also read: Take Crypto Gambling To A New Level With Polygon On 1xBit

Currently, the Polygon market price shows a growth of 4.22% resulting in multiple bullish engulfing candles. Furthermore, the spike in buying pressure during the recovery rally increases the possibility of a bullish breakout. 

Thus, daily candle closing above the resistance trendline will indicate a shift in market sentiment from selling on rallies to buying on dips. Moreover, a post-breakout rally may offer a long-term buying opportunity with a target of the $1 level. 

On a contrary note, if the selling pressure persists and reverts the price from this resistance, a prolonged correction might test the psychological mark of $0.50.

Technical Indicators

EMAs: the flattish EMAs (20, 50, and 100) accentuate a sideway rally in MATIC price. 

MACD Indicator: the rising spread between the bullish alignment of MACD and the signal line shows sustained buying activity from traders. Moreover, these on the verge of crossing above the midline will offer additional confirmation for buyers.

Polygon Coin Price Intraday Levels

Spot rate: $0.83
Trend: Bullish
Volatility: Low
Resistance levels- $0.94 and $1.02
Support levels- $0.755 and $0.7

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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