Taking a deep hit in the correction phase of 2023, the MATIC price fails to find a solid support level in summer. The downtrend movement leads to a death cross and a falling channel pattern for the altcoin. Accounting for a drop of more than
However, the recent footing at $0.49 teases a potential reversal and breaches the overhead resistance trendline by a small margin. If the prices manage to sustain above the trendline, then the Polygon price prediction will turn bullish for the rest of 2023.
Trending close to the resistance trendline for the past few weeks, the struggling selling pressure was evident in the recent correction. With MATIC price facing constant rejections from the 50-day EMA, the lower low formations were less drastic than before.
The Polygon price now forms a bullish reversal pattern by finding a strong support at $0.49, slightly below the psychological mark. With a double bottom pattern ready to reverse the trend, the recent price spike fractures the resistance trendline.
Moreover, the Polygon price action displays a falling wedge pattern breakout in the short-term price trend. Currently, the MATIC price trades at $0.52, the altcoin has jumped by 5.23% in the last two days to form a morning star pattern.
MACD indicator: The MACD and signal lines have avoided a negative crossover, which is a bullish sign, following the recent spike in MATIC price. Additionally, the resurfacing bullish histograms add to the possibility of a bullish breakout.
RSI indicator: The daily RSI line remains above the 14-day SMA but struggles to break above the halfway mark. Additionally, a bullish divergence is forming in the daily RSI.
Will MATIC Price Sustain Above $0.50?
If the ongoing trend sustains above the broken trendline, then the MATIC price will spike higher to surpass the 50-day EMA. Moreover, the recent price pattern breakouts support the thesis of a prolonged uptrend. The upcoming resistance levels for the Polygon price are at the $0.59 and the $0.71 mark.
On the flip side, the downtrend will cross under the $0.49 mark to test bullish dominance at $0.42.