The MATIC price trend shows an ongoing uptrend forming a flag pattern and attempts to reverse from the $0.75 support zone. Key technical points: The MATIC prices jumped 9.52% in the last 24 hours. The bullish reversal retests the 100-day SMA. The 24-hour trading volume of Polygon is $916 Million, indicating a rise of 10%. Past Performance of MATIC As warned in our previous article, the MATIC prices continue the downtrend to reach the crucial support of $0.75 near the 100-day SMA. The declining trend forms a falling channel, but the price action depicts a flag pattern, as the 75% jump during the third week of July acts as the flag pole. Moreover, the lower price rejection candles tease a potential bullish reversal with a morning star pattern. Source- Tradingview MATIC Technical Analysis The declining trend during the retracement in the MATIC prices increases the possibility of a bullish reversal and the prevailing trend continuation. The flag pattern breakout rally will unleash the trapped bullish momentum and result in a high momentum uptrend. The 100-day SEMA is actively assisting the uptrend giving it the bullish launchpad during the recent pullback. Additionally, the altcoin will fight the overhead resistance of the 200-day SMA; meanwhile, the growing bullish influence over the 50-day SMA leads to a positive turnaround. The bearish crossover of the slow and fast slopes opposes the possibility of a bullish turnaround. If, ho...
