The MATIC price trend signals a trend reversal as the pullback phase pauses above the important 50D EMA. Additionally, as the altcoin market recovered, investor confidence in Polygon’s entry improved.
As the downtrend concludes with a sideways reversal, the polygon price signals a double bottom reversal. Moreover, the potential for a bullish rebound is consistent with MATIC price predictions, predicting an uptrend in 2023.
Source – Trading View
Due to the bullish failure to reach the $1 mark, the MATIC price takes a bearish turn due to widespread indirect selling pressure. The pullback phase is halted at the confluence of the $0.72 level and the strong support of the 50D EMA.
Walking sideways around a significant support zone being an area of interest forms a double bottom pattern. Moreover, in the past three days, the Polygon token price has shown a positive growth rate.
The MATIC price trend is showing a bullish recovery, driven by increased intraday trading volume. Currently, the MATIC coin price is trading at $0.7612, up 0.46% intraday while forming a Doji candle.
Technical indicators:
RSI indicator: This daily RSI slope shows the bullish divergence present in the double bottom pattern. This increases the likelihood of a bullish reversal rally.
EMA indicator: A golden crossover event between the 50-day EMA and the 200-day EMA signals a trend reversal for Polygon.
Will MATIC price recover $1?
A bullish reversal with a double bottom reversal at $0.72 predicts a major change in the bullish trend to regain the higher Fibonacci levels. According to trend-based Fibonacci levels, a recovery rally is likely to reach $1 upon a breakout of $0.82.
On the other hand, a bullish failure to maintain trend momentum would push the price below $0.72. Additionally, a downtrend could lead to a retest of the $0.62 level.