Polygon Coin Chart Shows Emergence Of A Bullish Pattern

The MATIC/USDT will continue to decline as long as the prices are below the downward-sloping trendline. The several hurdles at $0.75 confirm that it is a zone with heavy supply. The MATIC's intraday trading volume is $748.3 million, which is a 24.5% gain.



01 Oct 2022 By: Divya Behl
Polygon Coin Chart S

The Polygon Coin price reversed from the $1-$1.02 threshold after a strong climb from June to August.

Since then, the alternative currency has been falling, creating lower highs and lower lows. The daily technical chart showed the development of a flag pattern connecting this movement.

The MATIC/USDT will continue to decline as long as the prices are below the downward-sloping trendline. The several hurdles at $0.75 confirm that it is a zone with heavy supply. MATIC's intraday trading volume is $748.3 million, which is a 24.5% gain.

A flag pattern offers a long entry point for a small correction and is a bullish continuation pattern. The Polygon coin price fell to a low of $0.69 under the influence of the patterns, retracing 50% of the prior advance.

On September 22nd, the price of polygon coins recovered from the trendline of support and began a new bull cycle inside of this collapsing wedge. The alternative coin has frequently retested the $0.75 resistance and has grown by 10.5% in the past two weeks.

At his resistance, a larger price rejection candle shows that the sellers are vehemently defending this level. The coin price would gain 6 to 8% to reach the downward-sloping trendline, nevertheless, if the purchasers were able to break through this barrier.

The bullish pattern, however, ought to finally inspire buyers to overcome the resistance trendline, according to the technical setup. If this is done, the positive momentum will pick back up and the prices will rise to $0.875, then $1.

Technical Indicator

The Bollinger Bands indicator shows that the price of the coin is now being controlled by the sellers when it is trading below the neutral line. Furthermore, the midline price of $0.75 adds another deterrent to consumers.

A bullish crossover of the fast and slow lines on the MACD indicator provides additional evidence that the $0.75 breakout will occur.

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