The price analysis of MATIC from the Polygon blockchain shows us a sharp drop which took it to $0.66. This was triggered by turbulence that started at the $0.71 level. This was not surprising since the resistance of MATIC is located at $0.7216.
Since then, the crypto is facing a new challenge and will have to resist with its next level of support located at $0.6367. Back on the case of MATIC and if it can reach the dollar in the coming weeks! It’s very good news, as you can also do gambling with this crypto.
MATIC price analysis over a 1-day period
The MATIC/USD pair struggled to overcome the crucial resistance located at just over $0.72. When looking at the daily price chart of MATIC, the price of the crypto saw a slight bear run, once it bumped into the $0.71 level. Consequently, MATIC experienced a consequent bearish cycle that took it below several Fib retracements until it reached the fateful level of $0.66.
The 24-hour trading volume jumped to $9.6 million, which showed an increase in trading activity. Currently, the price of MATIC is hovering around $0.67, with a decline of 3.2% in the last 24 hours, according to TradingView.
The RSI based on a 14-day period, has declined a bit from its previous level and it is now below the middle line, showing a score of 48. This shows an increase in the selling trend of the investors.
The 4 hour price chart of MATIC
MATIC saw some buying activity which still turned out to be minor by the time the price of $0.66 was reached. However, the bears are relentless in containing the surge in MATIC and may well prevail in the near future.
The BoP indicator is trading in a positive region at $0.67, which could hint at a further upward correction in the near future. We should not get excited too quickly, because in parallel, bearish candles have formed and come to reinforce the positions of the sellers.
What to expect from the price of MATIC in the future?
The price chart confirms that a real battle is going on between bulls and bears right now. MATIC even managed to consolidate its position above its EMA 20! If the bulls manage to contain the selling pressure from the bears and the price breaks above the $0.7216 level, then it could surge and come to its next resistance located at $0.789.
If the bulls fail to contain the selling pressure, then the price of MATIC could fall to its main support level located at $0.6367, or even, $0.5881 in the worst case.
In conclusion, while it is unlikely that MATIC will reach the dollar mark in the immediate future, there is still potential for a rise in its price that could bring it closer to the $0.8 level. The current battle between bulls and bears is evident on the price chart, with MATIC managing to consolidate its position above the EMA 20, indicating some bullish momentum.
If the bulls can successfully contain the selling pressure and break above the resistance level at $0.7216, MATIC could experience a surge towards its next resistance at $0.789. However, failure to hold the support level may lead to a further decline, with the main support level located at $0.6367 and the worst-case scenario at $0.5881.
It is important for investors and traders to closely monitor the market and track the performance of MATIC in the coming weeks. The cryptocurrency market is highly volatile, and price movements can change rapidly. Stay informed and consult reliable sources to make informed decisions about MATIC and other cryptocurrencies.
Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.