MATIC Technical Analysis: Bulls Hope To Outshine Resistance Trendline

MATIC coin price shows a remarkable recovery overnight to challenge the resistance trendline and the 200-day EMA. Will the buyers reach the $2 mark? Key technical points: The MATIC coin prices struggle to surpass the 200-day EMA The RSI slope moves sideways near the central line The 24-hour trading volume in the Polygon token is $1.49 Billion, indicating a 13% rise. Past Performance of MATIC MATIC coin price jumps about 15% with a double bottom pattern breakout below the $1.5 support zone. The rally comes with a bullish engulfing candlestick but develops into a Doji candle near the 200-day EMA. This hints at the possibility of a reversal back to $1.5 if the buyers fail to surpass the trend defining EMA. Source-Tradingview MATIC Technical Analysis The MATIC coin price action shows the long-coming trendline keeping the bullish growth in check. Hence, the power struggle to maintain the upcoming trend control might soon result in a volatile move. The crucial EMAs in the daily chart show the price struggling to outperform the 200-day EMA, and the falling 50 and 100-day EMAs maintain a bearish alignment after the recent crossover. The MACD indicator shows the fast and slow line rising higher in a linear trend after the recent crossover in the negative territory. Moreover, the growth of bullish histograms following the crossover indicates a potential rally above $2. The RSI Indicator slope shows a linear trend around the 50% line aft...