MATIC Price Analysis: Strong Breakout from $0.75 Suggests a Jump of 16%

The Polygon(MATIC) has been moving upward since last month under the guidance of a support trendline. The altcoin has broken past many resistances throughout this advance and has most recently risen above $0.745. Can this recovery surge continue?

The crypto market facing the MATIC price movement formed into an ascending triangle pattern amid the continuous unpredictability. This pattern had a neckline barrier at $0.62, and on July 13th, coin purchasers broke through this resistance in a bullish manner.

If the daily candle closes above the breached resistance, the buyers will acquire a suitable footing to extend the current recovery. As a result, the potential rally could jump 16.5% higher to the $0.9 mark.

The MATIC price has increased by 20% as a result of the rally, and is currently trading at $0.772. Additionally, the buyers have broken through the $0.745 resistance, indicating they intend to launch yet another upward leg.

On the other hand, traders can anticipate a slight drop to the support trendline if the MATIC price is unable to maintain above the $0.745 level.

Technical Significance

DMAs: One of the first indications of a recovery rally is a bullish crossover between the 20 and 50 DMA. However, the 100 DMA’s current opposition to the market price supports the pullback theory outlined earlier.

RSI indicator: The RSI slope displays a price pattern resembling a rally and emphasising a real recovery. Additionally, the RSI slope may increase above the 70 percent level, signifying aggressive buying by traders.

A major increase in the bullish momentum is shown by the MACD indicator, which is the widening of the gap between the fast and slow lines when they crossed over the neutral line.

Support levels are $0.75 and $0.63 and resistance levels are $0.9 and $1.