After losing steam last month, Matic fell and entered a range mode. Although it managed to rebound and push well above the 0.9 level following a massive surge in a week. Now on the verge of breaking out.
Looking at the market structure, Matic appeared to have provided some discount in the past month, but due to a quick buyback, the price has recovered well as it now trades in a crucial resistance zone.
This bounce brought the bulls back on track with a staggering 30% gain in the past 7 days. However, the setup looks strong on the daily chart as it poises for a massive surge in volatility.
Adding to that, it has formed a double-bottom pattern above the $0.75 level, indicating a potential buy-off in the near term. Now that the price is on the verge of breaking above the neckline, we may see a quick rally towards the April high.
A rejection from there could bring a retest to the neckline before resuming the uptrend. If such a scenario fails to occur, the price will continue to soar until it encounters a solid resistance.
Currently, the trend looks bullish on the daily chart and so far, Matic has increased by almost 100% since it began to recover.
Matic’s Key Levels To Watch
Source: Tradingview
Matic just increased above the $0.94 level, trading in a crucial resistance zone on the daily chart. An increase from there could see the price to the $0.98 and $1.05 resistance levels in the near term. The main buy target to keep in mind is $1.14.
The immediate support to watch for drops are $0.83 and $0.754. If the price plunges below these supports to invalidate the inverse head and shoulder pattern, the $0.72 and $0.60 levels would be the next stop-over for selling.
Key Resistance Levels: $0.983, $1.05, $1.14
Key Support Levels: $0.83, $0.754, $0.60
- Spot Price: $0.95
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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