Market Analysis

POLYGON MATIC PRICE ANALYSIS & PREDICTION (March 25) – Matic Bounces After Locating Support, But Can It Hold Well?

This week saw Polygon MATIC through a break in selling after finding a solid ground level. Following a slight surge today, it currently trades at a key psychological level as it remains trapped in a broadening wedge. 

Matic is slowly bouncing back after posting losses for over a week. It recently found solid support at $0.91 and is now slowly footing a fresh increase on the 4-hour timeframe. A double-bottom pattern is already forming.

The current daily candle formation reveals a low trading volume but we can expect a significant price movement if the price closes well above the key psychological $1 level today. But from the look of this, it may witness an ill-gain due to the bearish sentiment surrounding the market.

Notwithstanding, the asset remains technically bullish on the weekly timeframe. The only condition for a bearish reversal lies in a break below the $0.5 level – marked as the bottom during the bear cycle.

Technically, the chances of breakdown to that price level are slim as such a scenario does not look realistic in the current bull cycle. However, the price can still dip to $0.7 if the recent bearish extends.

Despite signalling a buy on the daily chart, Matic’s price remains trapped in a broadening wedge. Failure to resume bullish may lead to another drawdown to the lower boundary of the broadening wedge. After that, we can expect a comeback.

Matic’s Key Levels To Watch

Source: Tradingview

Closing successfully above $1 could allow a buyback to $1.09 and $1.17. The following resistance to watch for a breakout is $1.29 – where it initiated a drop last week.

Losing the weekly holding support of $0.91 could trigger a bearish extension to the lower boundary of the broadening wedge. On the way down, $0.835 and $0.75 are support levels to watch out for.

Key Resistance Levels: $1.09, $1.17, $1.29

Key Support Levels: $0.91, $0.835, $0.75

  • Spot Price: $1
  • Trend: Bearish
  • 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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