MATIC Technical Analysis: Will Breakout Rally Reach $2?

MATIC coin price shows a rounding bottom breakout rally challenging the $1.75 resistance level. Will buyers sustain the breakout rally? Key technical points: MATIC prices gained 26% in the last two weeks. Next, the 50 and 200-day EMA signals a potential bullish crossover. Finally, the 24-hour trading volume of Polygon is $867 Million, marking a 4.71% rise. Past Performance of MATIC MATIC coin prices declined by 20% in February and early March, resulting in the $1.5 fallout. However, the reversal from the $1.33 level resulted in an upside rally of 26%, resulting in a relapse in all the crucial daily EMAs. Source-Tradingview MATIC Technical Analysis MATIC prices show a rounding bottom pattern breakout with a neckline at $1.60. The price action shows a post-retest reversal with a morning star pattern formation. Moreover, the recent bullish approach undermines the previous higher price rejection candles. The crucial daily EMAs (100 and 200-days) show a flattish movement and avoid a bearish crossover. Moreover, the recent rally brings a reversal in the 50-day EMA, increasing the chances of a golden crossover. RSI Indicator: The RSI slope maintains the uptrend after surpassing the 14-day in the nearly oversold zone. The RSI line may shortly creep into the overbought zone as the underlying bullish grows. MACD Indicator: The MACD and signal lines maintain a small bullish spread while crossing above the zero value mark. However, the fa...