The post MATIC Price Preps Trend Reversal With This Morning Star appeared first on Coinpedia Fintech News
Amid the broader market decline, MATIC price shows an intense correction phase as it reverses a long-standing resistance trendline. The long-term trend in Polygon continues with a formation of lower highs.
With almost no bullish impact seen from the Bitcoin Halving, MATIC price awaits a recovery from the altcoin season. Considering the uptrend momentum revives on Polygon, our MATIC price prediction projects a bullish 2024.
MATIC price performance
Trading View
The MATIC price trend finally stops the consecutive bearish candlestick formation with a Doji candlestick formation at the $0.70 mark. Furthermore, the weekly chart shows a possibility of a positive turnaround with a potential morning star pattern.
With lower price rejection and a history of bullish reversals from the $0.70 mark, the uptrend could surpass the 23.60% Fibonacci level. This means that another bullish trendline breakout attempt for an extended uptrend in 2024 is possible.
MATIC price is currently trading at $0.7183, with a small intraday growth and a market cap of $7.10 billion. As a top-tier crypto with solid fundamentals, the underlying potential is commendable for Polygon.
Technical Indicators:
RSI: The weekly RSI line shows a possibility of a bullish turnaround as it stagnates below the midline.
MACD: The MACD and signal lines on the weekly chart present a bearish crossover and warn of a sharper correction. Hence, momentum indicators are bearish but show a small possibility of a reversal recovery.
Will Polygon Regain Uptrend?
As the broader market gradually becomes anxious about a quick recovery next week, the possibility of a rally in Polygon increases. Considering the resumption of the uptrend, MATIC price could reach the $1.35 mark with the breakout of the trend line before reaching the $1.5 barrier.
On the downside, a break below $0.70 could be fatal and drop the altcoin to the psychological $0.50 mark.
