MATIC Technical Analysis: Trendline Retest Struggles To Revert Trend

The MATIC coin price shows a bullish reversal after testing the resistance trendline and challenges the $1.50 support zone. Key technical points: MATIC prices trade under all the crucial EMAs. The coin price has jumped 6% in the last 48 hours. Finally, the 24-hour trading volume of Polygon is $821.59 Million, marking a 20% rise. Past Performance of MATIC MATIC coin price fell by 20% within a week to retest the broken resistance trendline after falling to surpass the EMAs in the daily chart. The reversal breaks below the $1.50 support zone, and the post-retest reversal from the trendline must surpass the $1.50 zone for uptrend continuation. Source-Tradingview MATIC Technical Analysis MATIC coin price shows a bullish reversal from the resistance trendline, accounting for a 6% jump in the last 48 hours. However, the prices struggle to get a closing near the resistance zone resulting in a long wick formation. The crucial daily EMAs are on the verge of achieving bearish alignment with the 50 and 100-day EMAs bearish crossover. Moreover, the falling trend of the crucial EMAs is ready to provide dynamic resistance to keep the downtrend going. RSI Indicator: The RSI slope falls under the halfway mark and the 14-day average line after a long consolidation in the nearly overbought zone. However, the RSI value is regaining bullish steps and climbing to surpass 50%. Stochastic RSI: The K and D lines are united in the oversold territory an...