As the price of Bitcoin struggles to surpass the $38,000 barrier, a pullback phase kicks in and slows the momentum in the altcoins market. The MATIC price is an exception, continuing to rise higher and approaching the psychological mark of $1.
Driving the year-to-date growth to 26%, the Polygon chart finds a trend reversal and brings new entry points for sideline buyers. Moreover, the reclamation of the $1 post will improve the MATIC price prediction and tease a long-term uptrend.
Source – Tradingview
Finding a huge surge in demand over the last few weeks, the MATIC price is up by 87% in the last 26 days. Bouncing back from the $0.50 mark, the intraday trading volumes skyrocketed, supporting the bullish reversal.
The price action analysis highlights a rounding bottom breakout in the 1D chart as the uptrend surpasses the $0.85 supply zone. Following the breakout, the momentum continues to grow as the uptrend reaches $0.93, signalling positive sentiments on the rise.
Currently, the MATIC price trades at $0.93 with an intraday growth of 5.80%, reflecting a strong bullish momentum. Moreover, the intraday jump forms a bullish engulfing candle and teases a rally above the $1 mark.
Technical indicators:
RSI Indicator: The daily RSI line continues to hover in the bullish overbought zone and stands at 78%. Thus, the momentum indicator showcases a solid bullish momentum.
EMA indicator: The declining gap between the 50D and 200D EMA projects a high possibility of a bullish reversal.
Where Is MATIC Price Heading Beyond $1?
Considering the overall market recovery continues to sustain the journey, the blue-chip altcoins can surpass their previous All-time Highs. In the case of Polygon, the MATIC price is ready to cross the $1 mark, and this event will signal a trend reversal and prolong the uptrend.
The uptrend beyond $1 teases a 20% bull run to the overhead supply zone at $1.20. The MATIC price can cross the 52W high of $1.56 in the long term.
Conversely, a reversal before reaching $1 can drop the MATIC price to the $0.80 mark.
