With A Buyer’s Barricade At $0.52, Will MATIC Bounceback?
Dropping to a Year-to-Date move of 25%, the MATIC price is trading at a 64% discount from the 2023 high of $1.56. Avoiding a new bottom formation in 2023, Polygon finds a bullish barricade at $0.52, avoiding a drop to $0.50.
The demand belt forming at $0.52 helps in a double bottom reversal with a neckline at the $0.62 resistance zone. Moreover, the recovery rally challenges the short-coming downtrend.
The MATIC price action forms a morning star pattern at $0.52 and jumps by 2.59% to challenge the new-born resistance trendline. Moreover, the increasing lower price rejection candle at the $0.52 mark increases the breakout chances.
MATIC Price Teases A New Breakout Rally
With a solid resistance trendline, prominent in the 4-hour chart, the MATIC price action displays a descending triangle shadow. Moreover, the price action displays a rounding reversal, challenging the 50 EMA and the resistance trendline.
On the other hand, the MACD and RSI indicators are in sync with the recovery rally. The indicators are bullish, with a positive crossover in the MACD and the rising RSI line approaching the overbought boundary.
With a trendline breakout, the MATIC price can tap into the trapped momentum and reach the $0.60 mark. On an even more positive note, the $0.60 breakout can trigger a significant reversal in the MATIC price trend to reach $0.80.
On the flip side, the reversal will danger the $0.52 bullish barricade and might result in a drop below $0.50. The breakdown rally might potentially find support at the bottom levels of $0.48 and $0.45.