Friday, January 28, 2022
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By Brian Bollinger
Published 10 mins ago Updated 10 mins ago

The MATIC coin chart shows a steady technical rally with new highs and higher lows. Today the coin is up by 10% and is trying to breach the ATH resistance of $2.5. Reclaiming this crucial level, the coin could ride a stronger rally.

Key technical points:

  • The 100-day EMA line provides excellent dynamic support to the price
  • The daily RSI chart struggling to keep up with the bullish price action
  • The 24-hour trading volume in Polygon coin is $3.04 Billion, indicating a 43.1% gain.

MATIC Price Analysis: Polygon Bulls Ready To Knockout All-Time High Resistance of $2.5Source-Tradingview

Previously we mentioned in our Polygon coin article; the pair was resonating in a rising parallel channel pattern. This pattern’s support trendline has been shifted a bit higher due to the rising bullishness in the coin.

On 14th December, the coin price bounced from the bottom trendline, initiating an impressive V-shaped recovery. The price is up by 45% and ready to challenge the ATH resistance around $2.5.

According to the EMA levels( 20, 50, 100, and 200), the MATIC price maintains a bullish trend. Moreover, the coin price obtains dynamic support from the 100 EMA line.

The daily Relative Strength Index (65) projects a bullish sentiment among the market buyers. However, the RSI line lagged up compared to the price action.

MATIC/USD 4-hour time frame chart

MATIC Price Analysis: Polygon Bulls Ready To Knockout All-Time High Resistance of $2.5Source- Tradingview

Today, the MATIC coin provides a decisive breakout from the crucial horizontal resistance and the ascending trendline together. If the price sustains above these levels, the crypto traders can expect a strong rally in this coin.

The traditional pivot shows remarkable confluence with the known price action level of the technical chart and, therefore, can provide a good hint of possible resistance level above. As per these EMAS, the nearest resistance area is $2.8, followed by $3.2. 

The Moving average convergence divergence indicator for the 4-hour chart shows the fast line(blue) and slow line(orange) are moving higher up in the bullish zone.

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Disclaimer
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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