MATIC: This support zone could be key to sustaining bullish narrative

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Over nearly two months, Polygon [MATIC] bulls have been on the front foot as they established the altcoin’s position beyond the 20/50 EMA. This recovery initiated a critical bullish crossover on the 20 EMA (red) and the 50 EMA (cyan).

The breach of the four-month trendline support (previous resistance) gave the bulls enough firepower to retest the $0.95-ceiling. A convincing close below the pattern could expose the crypto to a near-term downside in the coming sessions.

At press time, MATIC was trading at $0.908, down by 2.34% in the last 24 hours.

Source: TradingView, MATIC/USDT

The ongoing ascending channel (white) trajectory revealed the underlying uptick in bullish pressure. As a result, the broader outlook started to shift slightly in favor of the bulls.

Alas, with the 200 EMA resistance coinciding with the $1.04-$0.95 range resistance, MATIC could see a stiff hurdle in the coming sessions.

On the flip side, empirical bullish crossovers on the 20/50 EMA have ensured near-term support in the 20 EMA zone. So, the alt could continue its compression in the $0.74-$1 range before committing itself to a trend.

A decline below the up-channel could trigger a near-term decline towards the $0.74-level before a likely reversal. An eventual close above the $1.04-level can provoke a test of the upper trendline of the up-channel before a pullback.

Source: TradingView, MATIC/USDT

The Relative Strength Index (RSI) ensured its position above the midline to depict a slight buying edge. A sustained position above the 58-mark support could continue supporting near-term buying inclinations.

Furthermore, the Chaikin