After MATIC skyrocketed to $1.3 this month, it rolled back near a demand zone and bounced back to $0.1.16. The price fell to a low of $0.765 this week and recovered again to $0.89. It’s down by 1.1% over the past 24 hours.
The recent positive sentiment around MATIC is still much valid. However, it has shed some losses over the past few days. Unlike some top coins that have crashed to their six-month low in the past weeks, it appeared not to follow the pattern as the bulls react quickly to price actions.
Despite past weeks’ price swings, MATIC’s price is still under a bullish radar. In fact, it is still trading conveniently above the crucial demand zone of $0.7 – $0.75, which held bearish actions for the past months.
Once the price finds its way through this demand zone, a sell-off could occur in no time. The market structure on the daily chart indicates the market is still in favor of the bulls.
Even though the price is technically down, the mentioned zone remains a solid defense area for the bulls. We can see that the buyers have been reacting to this zone since July. As a result, MATIC might keep bouncing until the price breaks through.
MATIC Price Analysis (MATICUSDT) – Daily Chart
MATIC has maintained a sideways movement since the price recovered from the weekly low. If the price keeps increasing, the $0.95 resistance level could come into play. Above this resistance level lies $1.05 and $1.73. A surge above the $1.3 resistance level would activate a strong rally.
In case of a drop, the first support level to keep in mind is $0.79, followed by the $0.75 – $0.70 demand zone. As soon as the price drops below this zone, the next sell target would be $0.63 and perhaps $0.6.
Key Resistance Levels: $0.95, $1.05, $1.73
Key Support Levels: $0.79, $0.70, $0.63
- Spot Price: $0.855
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.