Matic’s price continued to increase since it bounced off the $0.50 level weeks back. The trend currently looks bullish in the short term as it shows no signs of weakness. More positive actions should be expected!
Following a slight pullback near a broken resistance line last month, Matic found support above it, remained calm for days and increased steadily.
During that month, it flipped an important resistance level and further increased to where it’s changing hands at $0.73. The build-up looks slow at the moment, but we can expect a big price movement once a significant amount of volume starts to flow into the market.
Right now, the bulls are gaining control by the day. The main price target for this mini-bullish action is the psychological level of $1. A push above this level could trigger more rally to the $1.57 level – printed as a yearly high in February.
Yesterday, Matic witnessed a small surge and reclaimed August’s high of $0.7. It tested that high as low today and pushed higher.
If selling occurs and the price drops below the September low that held as a local bottom, Matic would resume bearish from a long-term perspective. But as it appears now, the trend is in favour of the bulls.
Matic’s Key Levels To Watch
As Matic targets $0.78 as the next resistance, the subsequent resistance levels to consider for a higher price movement are $0.892 and $0.97 before reaching $1.
While the $0.7 level holds as daily support, a drop below this level could trigger a pullback to the $0.6 support that recently served as a rebound level. The $0.50 support (September’s low) lies at a crucial level to watch for more breakdown.
Key Resistance Levels: $0.78, $0.892, $0.97
Key Support Levels: $0.7, $0.60, $0.50
- Spot Price: $0.73
- 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.