Polygon’s native token MATIC has seen impressive gains over the last week, rallying over 20% amid a resurgent crypto market. MATIC is currently trading around $0.76, up from under $0.65 just 7 days ago.
This price surge comes after respected crypto analyst CryptoBusy shared a bullish MATIC price analysis and trade setup on Twitter last week. CryptoBusy had noted that MATIC bounced nicely off the key 0.5 Fibonacci retracement level after rejecting the 0.618 resistance.
CryptoBusy pointed out that indicators like RSI and MACD were turning bullish, breaking out from previous bearish zones. There was also bullish crossover on the 9-period EMA, and MATIC printed green candles on the 1hr and 4hr timeframes. These were all signals to go long on MATIC.
CryptoBusy’s trade setup worked beautifully, with MATIC rallying over 15% from his noted entry to take profit target. This is a great example of using confluence – Price action, indicators, moving averages – all aligning for a high probability setup.
Currently, MATIC’s RSI is around 53. An RSI reading in the 50-60 range indicates bullish momentum is building in an uptrend, but there is still room left before overbought conditions. This aligns nicely for further upside potential in MATIC’s price.
In summary, MATIC’s strong technical setup and bullish indicators suggest its powerful rally over the last week may have further to go. MATIC looks poised to retest overhead resistance around the $0.80 level if it can hold above key support at $0.70.
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