Polygon (MATIC) is showing an upsurge move as the token turns from its 52-week low of $0.318 to the current trading value of $0.522. The coin is moving at the edges of the trend line, and once it suppresses the trend line and closes above it, a bullish momentum can be expected.
There has been a formation of lower lows, and the token has entered the oversold zone several times in the past few weeks showing a constant downfall. Like other crypto assets, Polygon has been a degrading one; however, recently, the price turning from the support line of $0.311 can be an occasion for the bulls once the value closes above the last trough of $0.749.
On July 4, the MATIC token showed a marginal hike. The MACD line has been trading above the Signal Line, and the histogram shows green candles from the past few days. The token has already ascended significantly from when the MACD gave a buy signal.
The RSI is at 50, indicating a neutral price movement. However, if the price continues to rise, the MATIC coin may enter the overbought zone. On June 30, there was a supportive bearish volume bar, but the price didn’t decline further.
On the long-term chart, the previous week’s candle shows a huge downfall; however, the forming candle shows a rise in the price. In the long-time frame chart, the indicators have been in the bearish zone for the last few weeks, but the forming candles may give the bulls a trading opportunity.