MATIC price appears to be finished consolidating for the time being. Polygon price is ready for a trend reversal to the upside as it has set a possible bottom.
MATIC price formed a symmetrical triangle that emerged on June 21, which lasted until the breakout to the downside on July 8. Polygon price fell 26% to the local bottom, nearly carrying out the full 29% decline as the expected target given by the price chart pattern.
On the 12-hour chart, the Polygon MATIC price seems to be rebounding from the July 17 low. Given the current bullish momentum, Polygon price is aiming to tag the 27.2% Fibonacci extension level at $0.92.
Further buying pressure would allow Polygon MATIC price to target the next level of resistance at the 50% Fibonacci extension level, coinciding with the 50 twelve-hour Simple Moving Average at $0.92.
Adding credence to this bullish thesis is the IntoTheBlock’s In/Out of Money Around Price volume, as it shows little obstacles ahead up to $0.96.
Therefore, further positive sentiment in the Crypto market could not void bigger aspirations for MATIC price, even reaching the 61.8% Fibonacci extension, corresponding with the 200 twelve-hour SMA at $1.11.
Should the recovery be momentary and not resulting in a sustainable rush higher, Polygon price could retest the local bottom at $0.78 before falling further to the projected drop from the chart pattern toward $0.75, the largest area of support level as shown by the IOMAP, where 716 addresses hold 1.92 billion MATIC.
The aforementioned strongest level of defense is also supported by the support level indicated by the Momentum Reversal Indicator. Further weakness should not incentivize Polygon MATIC price to explore lower levels.
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