MATIC Technical Analysis: High Supply Flow At Trendline Delays Breakout

MATIC price action shows a failed bullish breakout attempt as the sellers at the long-coming resistance trendline knockdown the recovery rally. Key technical points: The MATIC market value increased by 3.74% today at press time. The price action shows a high likelihood of a retracement to $0.57. The 24-hour trading volume of Polygon is $426 Million, indicating a hike of 78%. Past Performance of MATIC The MATIC price trend remains bearish under the influence of a solid resistance trendline for over three weeks. The recent rally to trendline support has increased the altcoin to 8.5% to challenge the trendline, but it forms a higher price rejection candle. The long-wick represents the bullish failure of the breakout attempts and further continues the sideways trend above $0.57. Source- Tradingview MATIC Technical Analysis The bullish reversal in MATIC prices comes with a boom in buying pressure but fails to surpass the resistance trendline. This signifies a formidable selling pressure above the trendline that keeps the bullish growth under check. However, the $0.57 level, close to the crucial psychological support of $0.50, stands strong and aims to avoid any further depreciation under $0.57. The DMI indicator shows the DI lines getting closer, displaying a high likelihood of a crossover signifying a bullish trend reversal. The MACD and signal lines keep increasing as they move closer to the zero line following the recent crossov...