Rising parallel channel patterns are driving the polygon coin price rebound that is still going strong. When the price of the asset is oscillating between two trendlines that extend higher and are carrying a persistent bullish trend, the pattern is apparent. Additionally, the coin price is now trading above the support trendline of this pattern, which suggests a positive upsurge in the near future.
As long as the channel pattern is maintained, the MATIC holders may anticipate a consistent recovery cycle.
The MATIC’s intraday trading volume is $555.51 Million, which represents a loss of 55.1%.
Since the start of 2023, there has been a steady increase in the price of Polygon coins. This bullish rise, however, has developed into a rising channel pattern during the previous three weeks. Although this pattern appears to be in a bullish trend, the breakdown from the support trendline is the pattern’s most frequent result.
As of the time of publication, the MATIC price is trading at the $1.229 level and has retested the pattern’s support trendline. The prices will be more likely to recover from the dynamic support and continue the current rise for a few more trading seasons if the coin maintains its stability above the trendline.
Altcoin may go 12% higher to reach the above trendline as a result of the likely reversal.
However, a breach below the pattern’s support trendline would increase the likelihood of a bearish breakout. The breakdown may drive prices as low as $1.18, $1.05, or $0.093, resulting in a potential loss of 25%.
Technical Significance
RSI: Despite the price action’s upward trend, the horizontal RSI slope points to a lack of strength in the positive momentum.