Is MATIC Price Rally Heading to $1.2? Chart Pattern Offers Insight
Sohrab Khawas27 Dec 20232 min read
Defying the current uncertainty in the crypto market, the MATIC price managed to rebound from $0.75 and surge 42.6% in the last eight days.
The rising matic gives a bullish breakout from multi-month resistance and releases it from a sideways trend. Thus, the increasing possibility of a renewed recovery trend hints at a bullish outlook for MATIC price prediction.
In line with broader market recovery, and the formation of a double bottom pattern at $0.5 base support, the Polygon market price initiated a recovery trend in late October. The resulting rally surges the MATIC value by 95.64% before encountering $0.938.
With newfound supply pressure, the Polygon coin price turned to post-rally correction, meant to recuperate the exhausted bullish momentum. Amid the December uncertainty in the crypto market, the MATIC price managed to sustain above the $0.725 mark.
With a strong bounce back, the MATIC price gave a high volume breakout from the last swing top of $0.938, signaling the continuation of the recovery trend.
Technical indicators:
RSI Indicator: This daily RSI slope shows jumps above the 70% mark accentuating a strong recovery momentum in the market.
EMA indicator: In case of occasional pullback, the MATIC price can find suitable support at 20-and-50-day EMA slope.
Will MATIC Price Recovery Hit $1.5?
On December 25th, the MATIC price gave a decisive breakout from the multi-month resistance of $0.938, offering buyers a suitable launchpad for higher recovery. By the press time, this altcoin trades at $1.05 with an intraday gain of 3.2%.
As per the Fibonacci extension level, the polygon coin price may chase potential targets of $1.2, followed by $1.5 in an extended rally.
On a contrary note, if a possible retest to the breached resistance fails to sustain above $0.938, the selling pressure will intensify to the formed bull trap scenario.
