MATIC Technical Analysis: After a Major Downfall, Polygon Teases $1 Mark

The technical analysis exhibit that MATIC is on the way to reversal, with the 200-day SMA moving above the price line and RSI moving away from the oversold zone. Will you consider buying the MATIC? MATIC also could not prevent itself from a current crypto crash in light of the Binance-FTX deal failure and rising fear of FTX collapse. As the MATIC broke below the $1 psychological mark, it witnessed a 3.69% drop in the last 24 hours and 3.59% in the last 7 days. In the last 24 hours, the MATIC price hit as low as $0.76246131 and as high as $0.97285028. Currently trading at $0.9315 as of writing, the price action showed some recovery signs by growing 0.19% in just the past hour. The price shows the continuation of the uptrend with 200-day SMA teases at the support level showing price recovery.

Key Points

• The MATIC price action shows a bullish reversal approaching the 200-day SMA
• The bullish crossover in the MACD indicator signals a bullish breakout
• The intraday trading volume in Polygon is $1.8 billion.

Source Tradingview

MATIC Technical Analysis

MATIC price breaks above the 50-day and 200-day SMAs approach a recovery rally teasing to reclaim the level of $1 with recent resistance fallout. With the possibility of an uptrend, traders can get multiple entry points at the current market price. The high price rejection in the daily candle showed a possibility of a bearish reversal. However, the sideline trader must wait for the daily candle to reach the $1 mark which may potentially give a bullish breakout.

Technical Indicators

RSI moves sideways in the oversold zone, making multiple bearish and bullish divergences, as it bounced back after touching the 50% level, with a 14-day SMA remaining below RSI, indicating buying opportunity. With a bullish histogram, followed by a bullish crossover the rising gap between MACD and signal lines signals an uptrend in the market, highlighting the right time to buy in the market. The technical indicators display buying pressure due to recovery in the MATIC as 200-day SMA indicates an uptrend, providing traders with multiple buying opportunities with every fallout.

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