Polygon (MATIC) The price chart continues to show a steady “technical rally” with new highs and higher lows. MATIC price is up about 10% today and is trying to break the $2.5 high. If the bulls can also break past this critical level, the price could see a drastic rise.
Important technical points
- The 100-day EMA line provides excellent dynamic support to the price.
- The RSI chart is struggling to keep up with the rising price action.
- MATICThe 24-day trading volume is $3.04 billion, which means an increase of 43.1%.
The MATIC price has been fluctuating in an “ascending parallel channel” pattern for a while. The support trendline of this formation has been shifted slightly higher due to the coin’s rising bullish trend.
On December 14, MATIC price started an impressive “V-shaped recovery” by bouncing off the lower trendline. The price is up 45% and it is ready to challenge the ATH resistance around $2.5.
According to the EMA levels (20, 50, 100 and 200), MATIC price continues its uptrend. Also, the coin price is receiving dynamic support from the 100 EMA line.
The daily Relative Strength Index (65) is feeling bullish among market buyers. However, the RSI line is slightly behind compared to the price action.
MATIC/USD 4-hour Chart
Today, MATIC is making a definite breakout from critical horizontal resistance and ascending trendline together. If the price stays above these levels, crypto traders can continue to expect a strong rally in this coin.
The traditional pivot marks a remarkable confluence with the known price action level of the technical chart and therefore can provide a good clue to the possible resistance level above. According to this EMAS, the nearest area of resistance is located at $2.8 followed by $3.2.
The moving average convergence divergence indicator (MACD) for the 4-hour chart shows that the fast line (blue) and slow line (orange) are moving up in the bullish zone.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.