Overview of MATIC Price Action
After a long-term correction in 2023, MATIC’s price action regains bullish momentum, coinciding with the overall market recovery. Positive sentiment surrounds Polygon due to the Google Cloud staking of 10,000 MATIC, fueling investor confidence.
Bullish Turnaround and Uptober Rally
The recent bullish turnaround in MATIC’s price triggers a breakout rally in the daily chart, aiming to recover more ground with this uptrend. The Uptober rally propels altcoins higher, leading to optimistic MATIC price predictions.
- Crucial support found at $0.49 acts as a launch pad for the bullish momentum.
- Double bottom reversal at this support level breaks the long-standing resistance trendline.
- Consecutive bullish candles for four days result in a 13% price jump.
Current Price Situation
Currently, MATIC is trading at $0.5618, experiencing a minor intraday fall of 1.13%, leading to a pullback candle. The price faces resistance at $0.5911, causing a higher price rejection. Additionally, strong supply pressure at the 50-day EMA hampers further recovery.
Technical Indicators
- MACD Indicator: The MACD line takes a bullish route to the zero line, with positive histograms rising.
- RSI Indicator: The daily RSI line moves closer to the overbought boundary due to a recent bullish divergence.
These momentum indicators signal a stronger bullish sentiment.
Future Predictions and Scenarios
If the uptrend continues and reclaims the $0.5911 level, MATIC’s price could surge to around $0.7150, close to the 200-day EMA. However, a reversal from the 50-day EMA may drive the price lower to retest support levels at $0.52 or $0.50.
