MATIC Price Analysis: Supply Rich EMA Puts MATIC Under Stress!

MATIC price action showcases a strong double bottom reversal to reach the 200-day EMA.
The Polygon price trend faces opposition from the 200-day EMA after surpassing $0.65.
If MATIC's price surpasses the 200-day EMA, the uptrend rally can reach the $0.75 mark.

Following the channel pattern breakout, the MATIC price finds a boost in the trend momentum with a double bottom reversal. Overcoming the dynamic 50-day EMA, the Polygon price trend displayed a 30% hike in the last two weeks.

With a strong reversal rally, the MATIC price trend aims to reclaim higher levels in 2023. Moreover, the increases with increased breakout chances, the MATIC price prediction hints at crossing $1 in 2023.

Rising with the overall market recovery, the MATIC price finds a boom in trading volume to support a bullish relief trend. Taking a double bottom reversal from the $0.50 psychological mark, the Polygon price trend buyers surpass the dynamic 50-day EMA.

Despite some underperformance in 2023, the recovery rally puts Polygon on a positive track to end the year on a bullish note. Considering the uptrend sustains momentum, the reversal rally can surpass the overhead 200-day EMA.

Currently, the MATIC price trend surpasses the $0.60 zone to move sideways due to extensive supply at the 200-day EMA. As of now, the altcoin trades at $0.67 with an intraday growth of 1.53% and lower price rejection, teasing a breakout shortly.

Technical indicators:

MACD indicator: Due to the recent consolidation, the MACD and signal lines are losing a bullish gap and teasing a negative crossover. Further, the bullish histograms are on a decline, teasing a short pullback trend.

EMA indicator: The 50-day EMA rises to tease a golden crossover. However, the opposing 200-day EMA warns of a pullback.

Will MATIC Price Sustain Above $0.60?

With the double bottom reversal rally challenging the 200-day EMA, the MATIC price enters a lateral trend. Moreover, a short-term pullback in the entire market puts a dent in the altcoins market recovery rally.

In case the Polygon price exceeds the 200-day EMA, the uptrend can reach the $0.75 mark.

On the opposite side, a reversal from $0.65 will drop the MATIC price to $0.55, if the buyers fail to hold dominance at $0.60.