Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• MATIC chalked a bullish wedge pattern.
• Open interest rates stagnated; CVD spot increased.

Polygon [MATIC] has been on a downtrend since mid-February, but a trend reversal could be imminent. The price action has chalked a falling wedge pattern – a typical bullish formation that could give bulls little hope.

How much are 1,10,100 MATICs worth today?

In the meantime, BTC defended the $25k support despite many betting against a sharp reversal after the Binance lawsuit. However, it retraced slightly after hitting $27.3k, dropping to $26k at press time.

MATIC – A reversal or trend continuation?

Source: MATIC/USDT on TradingView

After hitting the Q1 price peak of $1.568 in mid-February, MATIC has depreciated to <$1. At press time, MATIC’s price was $0.8036, just a few basis points from December lows of $0.7555.

The overall price action chalked a bullish falling wedge pattern (cyan), also known as a descending wedge. Notably, the price was edging to the tip of the wedge, making a breakout, especially an upside breakout, a possibility.

Such a likely bullish breakout could set MATIC to rally towards $1.568. However, bulls must clear roadblocks at $0.95 and $1.19 to push forward to the Q1 price ceiling.

On the bearish angle, a breakout on the downside could ease at the lower support levels at $0.7, $0.6 and $0.4. Notably, the...

source: https://ambcrypto.com/matic-bulls-could-be-hopeful-of-a-trend-reversal-if/