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Cryptoknowmics 2022-08-13 09:37:33

MATIC Technical Analysis: $1 Crossover Projects A 30% Jump

The MATIC price jumps to challenge the supply zone near the psychological mark of $1. Should you be bullish on Polygon as it rises above $1? Key Technical Points: The Polygon (MATIC) price has increased by almost 190% in the last two months. The increasing price approaches the overhead bearish 200-day SMA. With a market cap of $8.04 billion, the intraday trading volume of Polygon has increased by 59% over the last 24 hours to reach $585 million. Past Performance of MATIC As mentioned in our previous article, the Polygon (MATIC) price reaches the overhead resistance at the psychological mark of $1. Moreover, the recent reversal from the support trendline increases the possibility of an ascending triangle breakout. Currently, the trend accounts for a price jump of 32% over the last three weeks, reflecting an increase in the demand inflow. Source – Tradingview MATIC Technical Analysis The bullish reversal in MATIC prices forms a bullish engulfing candle with a 7.3% jump ready to close about the $1.022 mark. Then, the bullish breakout of the ascending triangle pattern unleashes momentum to drive the uptrend above the 200-day SMA. The bullish trend approaches the overhead bearish 200-day SMA after the recent bullish crossover between the 50 and 100-day SMA. Hence, the traders can expect the bullish breakout to test the 200-day SMA. The recent reversal in the fast line increases the possibility of regaining the bullish alignment wit...

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