Polygon

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/matic-price-analysis-matic-breaks-trendline-hints-30-hike/">MATIC Price Analysis:&nbsp;MATIC Breaks Trendline, Hints 30% Hike!</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Taking a deep hit in the correction phase of 2023, the MATIC price fails to find a solid support level in summer. The downtrend movement leads to a death cross and a falling channel pattern for the altcoin. Accounting for a drop of more than&nbsp; 
However, the recent footing at $0.49 teases a potential reversal and breaches the overhead resistance trendline by a small margin. If the prices manage to sustain above the trendline, then the<a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/"> Polygon price prediction </a>will turn bullish for the rest of 2023. 
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Trending close to the resistance trendline for the past few weeks, the struggling selling pressure was evident in the recent correction. With MATIC price facing constant rejections from the 50-day EMA, the lower low formations were less drastic than before.&nbsp; 
The Polygon price now forms a bullish reversal pattern by finding a strong support at $0.49, slightly below the psychological mark. With a double bottom pattern ready to reverse the trend, the recent price spike fractures the resistance trendline.&nbsp; 
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 <img decoding="async" width="1024" height="487" src="https://image.coinpedia.org/wp-content/uploads/2023/09/30142909/MATICUSD_2023-09-30_14-29-00-1024x487.png" alt="" class="wp-image-233969" srcset="https://image.coinpedia.org/wp-content/uploads/2023/09/30142909/MATICUSD_2023-09-30_14-29-00-1024x487.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/09/30142909/MATICUSD_2023-09-30_14-29-00-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/09/30142909/MATICUSD_2023-09-30_14-29-00-768x365.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/09/30142909/MATICUSD_2023-09-30_14-29-00-1536x730.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/09/30142909/MATICUSD_2023-09-30_14-29-00-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/09/30142909/MATICUSD_2023-09-30_14-29-00.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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Moreover, the Polygon price action displays a falling wedge pattern breakout in the short-term price trend. Currently, the MATIC price trades at $0.52, the altcoin has jumped by 5.23% in the last two days to form a morning star pattern.&nbsp; 
Technical indicators: 
MACD indicator: The MACD and signal lines have avoided a negative crossover, which is a bullish sign, following the recent spike in MATIC price. Additionally, the resurfacing bullish histograms add to the possibility of a bullish breakout.&nbsp; 
RSI indicator: The daily RSI line remains above the 14-day SMA but struggles to break above the halfway mark. Additionally, a bullish divergence is forming in the daily RSI. 
<h2 class="wp-block-heading" id="h-will-matic-price-sustain-above-0-50">Will MATIC Price Sustain Above $0.50?</h2> 
If the ongoing trend sustains above the broken trendline, then the MATIC price will spike higher to surpass the 50-day EMA. Moreover, the recent price pattern breakouts support the thesis of a prolonged uptrend. The upcoming resistance levels for the Polygon price are at the $0.59 and the $0.71 mark.&nbsp; 
On the flip side, the downtrend will cross under the $0.49 mark to test bullish dominance at $0.42.&nbsp; 

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MATIC Price Analysis: MATIC Breaks Trendline, Hints 30% Hike!

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