Polygon (MATIC) Is About to Record a Breakout
Polygon price was at $3.00 during the end of last December, after which the coin has constantly been falling and reached its support zone. The MATIC coin has faced tremendous correction in the last two months and has declined 120% from its highs. On February 24, the price got tested at the support but couldn’t close below it.
On that, neither the bears nor the bulls could push the price in any direction, and the price closed nearby to where it opened. The price is moving below the downtrend line, and recently on yesterday, it got tested at the trend line but couldn’t close above it. Once the price closes above the downtrend line extending from two months, a bullish momentum can be expected.
The MACD line above the signal line indicates a bullish signal on the daily chart. The RSI indicator is at 51, reflecting neutral momentum, but it may head towards the overbought zone once the bullish candle closes above $1.69. The daily chart shows the formation of bullish divergence between the price and the RSI indicator, which can be an opportunity for the bulls in the long run. On February 28, the bullish engulfing pattern was formed, and there was a rise in the price of 13% in an intraday session on the same day. Based on the MATIC price prediction, the coin might continue to trade above the downtrend line and mark a significant recovery in the near term.
The forming bullish candle is about to close above the downtrend line on a longer time frame. After a constant price downfall, the recently forming candle shows an upliftment in the coin from the support line of $1.36. In the previous week, there was a price movement of 29%. The forming candle is currently closing above the swing high of $1.61, leading to an uptrending pattern. The investors can enter the bullish trade once the coin closes above the high of $1.69 as the price is getting tested there at the downtrend line.
