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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/matic-price-analysis-is-matic-safe-from-bear-traps-at-0-60/">MATIC Price Analysis: Is MATIC Safe From Bear Traps At $0.60?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
As the market-wide recovery boosts most of the altcoins, MATIC price ranks in the top tier in the gainers list. With an overnight bullish spark, the possibility of a prolonged uptrend increases for Polygon this Uptober.&nbsp;
Moreover, with a bullish pattern in play, the potential breakout rally in Polygon will reclaim multiple levels. With increased spirits of Uptober, the <a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/" rel="noopener noreferrer nofollow">MATIC price prediction</a> hints at reaching $1 in 2023.&nbsp;&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/17144645/MATICUSD_2023-10-17_11-10-21-1024x478.png" alt="" class="wp-image-237506" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/17144645/MATICUSD_2023-10-17_11-10-21-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/17144645/MATICUSD_2023-10-17_11-10-21-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/17144645/MATICUSD_2023-10-17_11-10-21-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/17144645/MATICUSD_2023-10-17_11-10-21-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/17144645/MATICUSD_2023-10-17_11-10-21-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/17144645/MATICUSD_2023-10-17_11-10-21.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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Following the resistance trendline breakout, the MATIC price overcomes the bearish influence but fails to surpass the 50-day EMA. With higher price rejections from the $0.60 mark, Polygon took a second dip to the psychological mark of $0.50.
Forming a double bottom pattern, the market-wide recovery boosts the bullish pattern formation for Polygon. With an overnight jump of 3.71%, the prices sustain above $0.50 and tease the neckline breakout at $0.60.
However, the MATIC price trend must overcome the declining 50-day EMA that remains a dynamic resistance. Currently, the MATIC price is trading at $0.5304 with an intraday move of -0.69%, leading to a short pullback.&nbsp;
Technical indicators:
MACD indicator: &nbsp;With the buyers back in play, the overall sentiment and the trend momentum take on a positive trajectory. Moreover, the MACD and signal lines tease a positive crossover as the negative histograms decline.&nbsp;
EMA indicator: The falling trend in the 50-day EMA maintains the bullish growth in check. However, the breakout will signal a trend reversal in play.&nbsp;
<h2 class="wp-block-heading" id="h-will-matic-price-sustain-above-0-50">Will MATIC Price Sustain Above $0.50?</h2>
With the markets ready for a bullish boost this week, altcoins are oozing with bullish sentiments and form solid footings. Moreover, the reversal in Poylgon sustains the market price above the $0.50 mark. The next crucial entry point will be the 50-day EMA breakout, leading to a potential jump to $0.65.
On the positive side, a reversal from $0.60 will plunge the MATIC price to $0.50.

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MATIC Price Analysis: Is MATIC Safe From Bear Traps At $0.60?

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