MATIC Technical Analysis: Recovery Rally Pins Bullish Flag At EMAs

The MATIC technical analysis displays a recovery rally breaking about the 50 and 100-day EMAs, teasing a bull run to the 200-day EMA. The MATIC price action displays a bullish recovery rally reclaiming the $0.75 supply zone and beating the 50 and 100-day EMA. Currently, the price action shows a 7% jump in the market value over the last 48 hours, reflecting the high momentum recovery rally. So should you consider taking a bullish trade in Polygon? Key Points: The Polygon price action shows a recovery rally approaching the 200-day EMA. The increase in buying pressure teases a bull run to $1. The intraday trading volume in Polygon is $403 Million. Source-Tradingview MATIC Technical Analysis The MATIC price action displays a 25% decline in market value resulting in the support trendline fallout, nullifying the ascending triangle. The fallout rally breached the $0.75 support zone, but the sellers failed to gain any bearish follow-through beyond $0.70. However, the recovery rally resurfaces the market value above the $0.75 horizontal zone along with the 50 and 100-day EMA. Currently, the recovery rally accounts for a 17.5% jump in the last two weeks. Additionally, the high momentum of the recovery trend in the last 48 hours, accounting for a 7% jump, proves crucial in breaking multiple resistance levels. Hence, the likelihood of a bullish trend continuing to reach the psychological mark of $1 increases. Therefore, as per the price a...