Additionally, the post-correction bounce has broken through the $0.85 neckline resistance, providing prospective buyers with an entry point. Can the $1.03 level be reclaimed by the renewed bullish momentum?
In the last five days, the price of MATIC has increased 17.8%. Breakout of the twin bottom pattern could lead to MATIC price exceeding $1.03 ceiling. The MATIC's intraday trading volume is $581.2 Million, representing a 35.3% gain.
The third week of August saw a significant correction on the cryptocurrency market. As a result, the MATIC/USDT pair declined below the joint support of $0.758 and 0.382 Fibonacci retracement, correcting 25.5% from $1.03 as a result.
The MATIC price repeatedly tested the $0.758 support during the previous two weeks, indicating that traders were actively purchasing at this price. A double bottom pattern was also formed as a result of this consolidation between the $0.85 and $0.758 barriers.
This bullish reversal pattern should put an end to the current slump and begin the previous rebound. Thus, the bullish pattern was completed on September 1st when the MATIC price decisively broke out from the $0.85 neckline resistance. The sellers may attempt to weaken the $0.758 support once more if MATIC is unable to maintain above $0.85.
Technical Indicators EMAs: Along with the $0.85 breakthrough, the coin price broke through the 20-50-100 EMA resistance cluster, giving buyers a further advantage. However, the 200-day EMA, which is near to the $0.958 resistance, may present significant obstacles to the prospective bull run.
Relative Strength Index: An increase in the daily RSI slope above the neutral line suggests that the recovery phase is being supported by market sentiment.
Levels of resistance: $1 and $1.181
Levels of support: $0.758 and $0.672
