Market Analysis

POLYGON MATIC PRICE ANALYSIS & PREDICTION (February 17) – Matic Faces Crucial Resistance After Surge, Can It Breakthrough?

Following a nice bounce above the $0.80 range last week, Matic increased by another 15% this week to reclaim a key resistance level. The price is currently stuck as it negotiates for the next major move.

Matic’s recovery has been impressive over the past weeks following a sharp bounce off the $0.69 level. Despite facing hurdles on the way up, it has managed to flip some key lost levels during this phase.

The volatility expanded yesterday and the price suddenly increased to a key resistance level of $0.95 after five weeks of trading. It is still finding it difficult to break higher due to a slight rejection. A drop from this support could facilitate a slight pullback on the lower timeframe. 

However, if the price continues to increase by the day, it may move into the $1 range before breaking out for a long-term bullish rally. That is likely to come into play in the coming weeks.

From a technical standpoint, Matic is stylishly footing a fresh bullish rally. The price chart shows that it has formed a double-bottom pattern above the orange demand zone on the daily timeframe. A big wave is lurking around the corner.

The only condition for bearish right now lies in a breakdown of the mentioned demand zone. Considering the current bullish signal, such setups appear unrealistic at the moment.

Matic’s Key Levels To Watch

Source: Tradingview

Towards the upside, $1 and $1.095 are the next areas of interest for the bulls in the next upsurge. Breaking through these resistance levels could advance rally to $1.2 and potentially $1.47 in the future.

In the case of pullbacks, the support levels to consider for drops are $0.9 and $0.83. Failure to rebound off these supports could cause more dips to the $0.74 support. Below this support lies $0.667 and $0.6.

Key Resistance Levels: $1.095, $1.2, $1.47

Key Support Levels: $0.83, $0.74, $0.667

  • 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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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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