MATIC Price Analysis: Buyers At $0.50 Eyes A Jump To $0.75!
Sohrab Khawas26 Sept 20232 min read
Descending for most of 2023, the MATIC price loses the new year gains, leading to a 67% drop in the last 8 months. In addition to the downfall, the Polygon coin price action forms a bear channel in the daily chart.
Breaking multiple support levels, the downtrend rally finds a solid footing at the psychological mark of $0.50.
Continuing the trend of making lower high formations in the daily chart, the MATIC price remains under extreme bearish pressure. Moreover, it leads to a strong resistance trendline in motion.
Currently, with the help of strong demand at $0.50, absorbing the incoming supply, the Polygon coin price is challenging the trendline. Trading in a narrow range between the trendline and the $0.50 mark, the price action teases a sharp breakout move shortly.
As of now, the MATIC price is trading at $0.5203, with a growth of 1.15% over the last 24 hours, creating a bullish candle.
Technical indicators:
MACD indicator: The MACD and signal lines avoid a negative crossover with the recent spike in MATIC price. Moreover, the resurfacing bullish histograms add extra points to the bullish breakout possibility.
RSI indicator: The daily RSI line maintains above the 14-day SMA but struggles to surface above the halfway line. Moreover, the bullish divergence arises in the daily RSI.
Will MATIC Price Sustain Above $0.50?
Considering the ongoing trend, the chances of downtrend continuation are substantial in MATIC price. However, the solid support found at the psychological mark of $0.50 holds the fort. Currently, the altcoin breaking the trendline or the $0.50 mark in a no trade zone will signal an entry spot.
The bullish breakout will surge the Polygon coin price higher to the $0.74 mark close to the 200-day EMA. On the flip side, if altcoin slides under $0.50, then it will plunge to $0.40.
