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MATIC: Rising Wedge Breakout

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Polygon (MATIC) technical analysis:

Trade setup: Trends are mixed but improving. Bullish breakout from Rising Wedge pattern and above $0.75 resistance could signal a potential trend reversal with upside to $1.00. That level ($1.00) is a stiff resistance because it also lines up with 200-day moving average. However, if it clears that level, that would confirm resumption of Uptrend.

Patterns: Rising Wedge It usually forms after an uptrend and suggests a potential bearish reversal in the original uptrend. When price breaks the lower trend line the price is expected to trend lower. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout.

Trend: Neutral on Short- and Medium-Term basis and Downtrend on Long-Term basis.

Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral). MACD Histogram bars are declining, which suggests that momentum is weakening.

Support and Resistance: Nearest Support Zone is $0.50. The nearest Resistance Zone is $0.75, which it broke, then $1.00.

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