Polygon (MATIC) Prints Bottom Reversal Setup, Eyeing $1.95
- Polygon price formed a triple bottom setup, suggesting a potential reversal.
- Market players may expect the alt to overcome the breaker and touch the weekly resistance zone near $1.95.
- Violating the daily support floor around $1.44 will cancel the bullish narrative.
Polygon price stabilized beyond a critical footing despite the latest bearish actions. The alternative coin created a bullish pattern that projects reversal for MATIC. The alt’s recent downswings matched downward trends by the overall market fall that had BTC exploring levels beneath $40K. While publishing this article, Bitcoin traded around $39,005.86. That was after a slight climb from the $38K value area.
MATIC Price Eyes Recoveries
The altcoin violated the daily support floor at $1.44 on 24 January but saw quick rescue, forming a high low near the $1.50 mark. The resulted recovery printed two more lows near $1.50, translating to a triple bottom formation.
MATIC formed a bottom reversal formation, highlighting a potential surge towards the closest resistance level. Though the bearish breaker stretching between $1.75 and $2.15 means a significant challenge, multiple retests appear to have weakened the region enough for bulls to succeed.
That way, MATIC may see its price retesting the weekly resistance hurdle near $1.95 from a rebound off the support at $1.50. Massive bullishness will have the alt extending to $2 before bulls’ steam is exhausted or MATIC contemplates retracements. Meanwhile, MATIC seems ready for volatility, preferring bulls.
As things seem upside for Polygon price, a possible hike in selling momentum that pushes MATIC for a 4hr candle close under the closest foothold of $1.44 will form a lower low. Such developments will show bears’ favoritism. With that, MATIC might have to surrender the bullish thesis. Meanwhile, the alternative coin could lose 15% to revisit the support floor of $1.23.
Nevertheless, MATIC appears primed for upside actions, targeting a $1.95 retest. The optimistic case emerged after the alt formed a bottom reversal formation. Meanwhile, buyers need to protect the daily support floor near $1.44 to keep the upside in play. A decisive move under this mark will see MATIC’s bullishness fading.
Stay tuned for more crypto news.
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