Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- MATIC chalked a bullish wedge pattern.
- Open interest rates stagnated; CVD spot increased.
Polygon [MATIC] has been on a downtrend since mid-February, but a trend reversal could be imminent. The price action has chalked a falling wedge pattern – a typical bullish formation that could give bulls little hope.
How much are 1,10,100 MATICs worth today?
In the meantime, BTC defended the $25k support despite many betting against a sharp reversal after the Binance lawsuit. However, it retraced slightly after hitting $27.3k, dropping to $26k at press time.
MATIC – A reversal or trend continuation?
After hitting the Q1 price peak of $1.568 in mid-February, MATIC has depreciated to <$1. At press time, MATIC’s price was $0.8036, just a few basis points from December lows of $0.7555.
The overall price action chalked a bullish falling wedge pattern (cyan), also known as a descending wedge. Notably, the price was edging to the tip of the wedge, making a breakout, especially an upside breakout, a possibility.
Such a likely bullish breakout could set MATIC to rally towards $1.568. However, bulls must clear roadblocks at $0.95 and $1.19 to push forward to the Q1 price ceiling.
On the bearish angle, a breakout on the downside could ease at the lower support levels at $0.7, $0.6 and $0.4. Notably, the trendline support aligns with the December low of $0.7555; sellers m
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Author: Suzuki Shillsalot
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