While most top altcoins have dropped to a new yearly low, Polygon MATIC has found support nearby and has seen a quick bounce above $1. Despite the recent crash, the price is still up by 16.3% over the past seven days of trading.
Matic is gaining momentum again on the intra-day trading after dipping heavily to a low of $0.77 – now holding as weekly support. The price is exponentially increasing towards the $1.3 resistance level, where it initiated a sale on Tuesday. The bulls have stepped back and now regain control.
How long they would sustain the momentum is uncertain for now. To remain in control, they would need to push the price above the aforementioned resistance level to confirm the trend continuation. A considerable rally can be expected if such a scenario plays out.
However, if the latest price increase turns out to be a retest of the $1.14 break level on the lower time frame, we should expect the weekly bearish actions to continue in no time. By then, the price will likely fall to a new monthly low, causing more pain in the market.
The latest slight recovery in the crypto market has made Matic to now change hands at around the $1.13 price level. The daily volume indicator is currently on the rise, as it suggests high volatility in the market.
Matic Price Analysis (MATICUSDT) – Daily Chart
If Matic continues to rally, especially above the current $1.3 resistance level, the next resistance level would be $1.5. The following resistance level to keep in mind is $1.7 and potentially $2 in case of extreme buying.
Towards the downsides, there’s a close support level at $1.05 in case of a drop. Below this support level lies the $0.95. As said earlier, the $0.77 is currently established as weekly support. The $0.7 level serves as support for the short-term bulls. A steep fall below it would lead to a serious loss.
Key Resistance Levels: $1.3, $1.5, $1.7
Key Support Levels: $1.05, $0.95, $0.77
- Spot Price: $1.13
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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