2024

Bitcoin

Polygon

Reversal

The post <a href="https://coinpedia.org/price-analysis/matic-price-preps-trend-reversal-with-this-morning-star/" rel="noopener noreferrer nofollow">MATIC Price Preps Trend Reversal With This Morning Star</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Amidst the broader market crash, the MATIC price shows an intense correction phase as it reverses from a long-coming resistance trendline. The long-term trend in the Polygon continues with a lower high formation.&nbsp;
With hardly any bullish impact seen of the Bitcoin Halving, the MATIC price awaits an altcoin season recovery. Considering the uptrend momentum revives in Polygon, our <a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/" rel="noopener noreferrer nofollow">MATIC price prediction</a> projects a bullish 2024.
<h2 class="wp-block-heading" id="h-matic-price-performance">MATIC Price Performance</h2>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/stfQK-A3EY1KK6cXctlgLFjyFVQrdYwwbzjyduYN1AeuZH1cIlRvqfnMwT_m2u5_jLV8PhW_zvMA4om5L8Sc4eKv8rRvLPMHc-cizPosGiH4SEOb7ZmZmsFJxWMNJsa6OTqd20FPM-lebOmDukhRp2c" alt="">
</figure>
<a href="https://www.tradingview.com/x/imWbyX8E/" rel="noopener noreferrer nofollow">TradingView</a>
The MATIC price trend finally halts the consecutive bearish candle formation with a Doji candle formation at the $0.70 mark. Further, the weekly chart showcases a positive turnaround possibility with a potential morning star pattern.&nbsp;
With lower price rejection and a history of bullish reversals from the $0.70 mark, the uptrend could surpass the 23.60% Fibonacci level. This means another bullish attempt for the trendline breakout for an extended uptrend in 2024 is possible.&nbsp;
Currently, the MATIC price trades at $0.7183 with a minor intraday growth and a market cap of $7.10 Billion. As a top bluechip crypto and solid fundamentals, the underlying potential is commendable for Polygon.&nbsp;
Technical Indicators:
RSI: The weekly RSI line shows a bullish turnaround possibility as it stagnates under the halfway line.&nbsp;
MACD: The MACD and signal lines in the weekly chart give a bearish crossover and warn of a steeper correction.&nbsp;Hence, the momentum indicators are bearish but showcase a minor possibility of a reversal rally.
<h2 class="wp-block-heading" id="h-will-polygon-regain-bullish-trend">Will Polygon Regain Bullish Trend?</h2>
As the broader market gradually grows anxious about a quick recovery next week, the possibility of a bounce back in Polygon increases. Considering the uptrend restarts, the MATIC price could reach the $1.35 mark with the trendline breakout before taking on the $1.5 barrier.&nbsp;
On the downside, a break under $0.70 could prove fatal and drop the altcoin to the psychological mark of $0.50.

MATIC Price Preps Trend Reversal With This Morning Star

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