The Polygon coin chart shows the formation of the Flag pattern in the daily time frame chart. In theory, the ongoing correction is responsible for stabilizing the aggressive buying from the previous rally. Furthermore, a bullish breakout from the pattern’s resistance trendline triggers this continuation pattern and may resume the prevailing recovery.
The declining trend continues in the Polygon market price within a flag, accounting for a drop of 31.5%. Additionally, the price drop breached the crucial support level of $0.75, leading to a dump of $0.69.
However, the price obtained significant support at the pattern’s support trendline and revert the coin 20%. Furthermore, the recovery rally challenges the wedge patterns resistance trendline increasing the possibility of a bullish breakout.
Currently, the Polygon market price shows a growth of 4.22% resulting in multiple bullish engulfing candles. Furthermore, the spike in buying pressure during the recovery rally increases the possibility of a bullish breakout.
Thus, daily candle closing above the resistance trendline will indicate a shift in market sentiment from selling on rallies to buying on dips. Moreover, a post-breakout rally may offer a long-term buying opportunity with a target of the $1 level.
On a contrary note, if the selling pressure persists and reverts the price from this resistance, a prolonged correction might test the psychological mark of $0.50.
Technical Indicators
EMAs: the flattish EMAs (20, 50, and 100) accentuate a sideway rally in MATIC price.
MACD Indicator: the rising spread between the bullish alignment of MACD and the signal line shows sustained buying activity from traders. Moreover, these on the verge of crossing above the midline will offer additional confirmation for buyers.
Polygon Coin Price Intraday Levels
Spot rate: $0.83
Trend: Bullish
Volatility: Low
Resistance levels- $0.94 and $1.02
Support levels- $0.755 and $0.7
Source : coingape
