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Cryptoknowmics 2022-09-02 11:27:57

MATIC Technical Analysis: Resurfacing Bulls Prolong Consolidation

MATIC price action shows a consolidation range between the $0.075 and $1 psychological mark, delaying the breakout opportunity for sideline traders. The recent bear cycle in the Matic prices failed to drop below the $0.75 support zone, resulting in a bullish reversal. The bullish reversal rises above the 50 and 100-day SMA with a bullish engulfing candle of 6.25% yesterday. Furthermore, the reverse prolongs the consolidation range if the sellers remain dominant at the psychological mark of $1. Key Points: The MATIC price action reflects a Bullish cycle restarting within the consolidation range. The bullish reversal Beats the 50 and 100-day SMA. With a market cap of $6.63 Billion, the intraday trading volume of Polygon has increased by 116% to reach $653 Billion. Source- TradingView MATIC Technical Analysis Polygon(MATIC) price chart displays a bullish failure to break below the $0.75 demand zone. Moreover, the retaliating bulls regained trend control with a double bottom to break above the 50 and 100-day SMA. The bullish engulfing candle of 6.25% reflects increased bullish support with a spike in trading volume. Therefore, the possibility of an uptrend to the $1.0 mark increases. If the bull cycle exceeds the psychological mark of $1.0, an uptrend continuation of 30% to the $1.30 resistance level is possible. Conversely, a sudden increase in selling pressure can result in an early bearish reversal and drop the prices to $0.75....

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