admin • MATIC coin price action has shown a bullish breakout of a falling wedge pattern in the daily chart.
• A spike in the intraday trading volume has led to a trend reversal, potentially challenging the overhead resistance at $0.7160.
• Technical indicators MACD and RSI support the ongoing recovery rally.
MATIC Price Analysis: Bullish Breakout of Falling Wedge Pattern
MATIC coin price action has recently shown a bullish breakout of a falling wedge pattern in the daily chart. The downtrend dropped the Polygon market value to $0.65, accounting for a 22.60% discount. The morning star pattern ended the short-term correction phase with a bullish reversal forming at $0.65, resulting in a 4.78% recovery thanks to an increase in intraday trading volume.
Technical Indicators Support Ongoing Recovery Rally
The technical indicators MACD and RSI have also supported the ongoing recovery rally with MACD and signal lines ready for bullish crossover, while bearish histograms are declining; additionally, RSI indicator shows sharp uptick leading to strong underlying bullish sentiment.
Unleashed Trapped Momentum Expected To Fuel Breakout Rally
The unleashed trapped momentum from the falling wedge pattern is expected to fuel further growth towards overhead resistance at around $0.7160 following potential retest; if successful, MATIC prices can break previous swing high of $0.85 before facing rejection again due to extensive selling pressure.
Downside Reversal Could Drop Market Value By 7%
In case of early reversal leading to MATIC prices below $0.65, downside could be severe as it can drop market value by 7% or even more testing $0