Matic saw a weekly 20% increase following a solid rebound off a key level in the past week. It encountered resistance yesterday and retraced slightly. It is currently looking for nearby support to resume bullish.
After breaking out of an 8-month resistance line to $0.60 a few weeks ago, Matic encountered resistance and fell back to retest the line as support. It resurged and tested the $0.65 level yesterday after increasing steadily for a week.
The rejection from that level has dropped the price slightly to where it currently sits around $0.64. Things are still looking good for the bulls on the daily chart but we may see a small pullback if the buying pressure drops.
A continuous price increase could see Matic through several resistance levels before reaching the high of $1 in the next few weeks. Right now, there are no signs of bears in the market. If negative sentiments return, they would have to retake the recently established support at $0.50.
Nonetheless, Matic looks bullish and appears to have bottomed out with a breakout-and-retest pattern above that support. The bears are currently in disbelief as they remain trapped. They may suffer more losses when the price further increases in the coming days. Currently, the bulls are taking a short break.
Matic’s Key Levels To Watch
While Matic currently sits around $0.64, the next resistance level to watch for buying is $0.70. It is then followed by $0.78 and $0.891 – where it initiated selling in July.
In case of a pullback, the potential levels to consider for support are $0.60 and $0.55. The key support to watch for drops lies at $0.50. a crack below it could see Matic crash to $0.40
Key Resistance Levels: $0.70, $0.78, $0.891
Key Support Levels: $0.60, $0.50, $0.40
- Spot Price: $0.647
- 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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