- MATIC price might be ready for a massive upsurge if buying momentum increases.
- A surge in bullish strength might see Polygon touching the governing technical pattern’s top border at $2.32.
- A vital technical indicator shows MATIC printed a local bottom recently.
Polygon (MATIC) recently printed a local bottom, showing that the alternative coin is ready for bullish reversals. That is according to a vital technical indicator. With that, MATIC might hit the primary technical formation’s upper line at $2.32. However, the alt should overcome critical resistance levels for the bullish thesis to play out.
MATIC Price Prints Local Bottom
MATIC had its price forming an ascending channel in the twelve-hour chart, indicating a bullish picture. Meanwhile, the alt might tag the prevailing chart setup’s upper limit at $2.32. The value area coincides with the 127.2% FIB extension zone.
Polygon tagged the governing technical pattern’s lower border near $1.59 as support yesterday (14 February). As MATIC touched the swing low, the MRI (Momentum Reversal Indicator) displayed a bottom signal, showing the alt is ready for reversals.
Polygon price will meet the closest resistance at 21 12hr SMA of $1.79, the level intersecting with 61.8% FIB retracement area. Additional obstacles might appear at the governing technical setup’s middle border at $1.93, matching the 78.6% FIB retracement area.
MATIC will encounter more headwinds around $2.00, the level where the 100 12hr Simple Moving Average intersects with 200 12hr Simple Moving Average. Another hurdle will appear at the Momentum Reversal Indicator’s resistance at $2.10. MATIC has to overpower the mentioned challenges to attain its optimistic goal at $2.32.
Nevertheless, increased selling pressure may see MATIC price plummeting towards the initial defense line near 50% retracement area at $1.70, then at 50 12hr Simple Moving Average at $1.65. Dependable support stands at the governing technical pattern’s lower limit near $1.61. The 38.2% FIB retracement mark also stands here.
For now, MATIC prepares for a massive upward move. However, increased buying strength remains crucial for the token’s upsurges towards $2.32. Also, broad market trends will detect Polygon’s upcoming price actions.
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