Polygon(MATIC) Price Primed to Undergo A Short-Lived Rally to Hit $0.5! What’s Next?
4 Jul, 2022•2 min read•Other
Polygon (MATIC) price since the early trading hours has gained significant bullish momentum and is rising high aiming to reach $0.48 levels at the earliest. The technicals suggest the price is poised to surge towards the north but the fear of the bulls getting exhausted also haunts the rally. Therefore, the current rebound may be only a short-term bounce and hence resembles a bull trap being spread out.
MATIC Price Analysis for Short-TermThe MATIC price during the weekend has slid below the trend line, indicating the resurgence of the bearish trendHowever, since the early trading hours, the bulls regain control and uplifted the price by nearly 4%The asset is expected to slice through the uptrend line, but the bears here are attempting to restrict the priceOn the other hand, the RSI is swinging within an ascending parallel channel that signifies the upswing to be imminentAfter undergoing immense upward pressure, the asset is expected to break above and secure the levels at $0.48.Once these levels are sealed, the asset may find itself within an ascending triangle that may enable the price to break above $0.5
MATIC(Price) for the Long-TermThe long-term chart signifies a significant bearish trend while the bottoms are expected to test in the next couple of daysMATIC price since the beginning of July trade has dropped notably, similar to that of May and hence the bottoms may be fast approachingThe current descending triangle has been carried ever since the beginning of 2022 and hence it is extremely important to break through these levelsTherefore, the current drop is expected to drag the price towards the June lows, also beyond these levels in the worst caseHowever, the drop is expected to induce a catapult action that may enable the price to regain the lost levels aheadSource