The technical chart of the MATIC coin shows a steady uptrend of higher highs and lower highs. After its recent rejection from the $2.2, the coin price plunged to the 0.618 Fibonacci retracement level. However, the price indicated a presence of good demand pressure from this support; can we expect the uptrend to continue from here?
Key technical points:
- The MATIC coin price trying to breach a significant horizontal resistance level of $1.7
- The 100-day EMA line is providing strong support to the coin price
- The intraday trading volume in the MATIC coin is $1.5 Billion, indicating a 70.25% gain
Source- MATIC/USD chart by Tradingview
The MATIC coin displayed a remarkable rally in October, making a new higher high of $2.2. Later the coin price was rejected from this level and entered a retracement phase. The first half of November contributed entirely to this pullback; however, the chart displayed sufficient demand pressure at the 0.168 FIB level.
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With the confluence of the 0.618 FIB level and 100 EMA at this level, the coin obtains enough support to initiate a new rally. The overall trend for MATIC coin is bullish as per the crucial EMAs(20, 50, 100, and 200).
The Relative Strength Index(51) experienced a significant drop during the retracement phase, and therefore, it should now have enough room to support a new rally.
MATIC/USD Chart In The 4-hour Time Frame
Source- MATIC/USD chart by Tradingview
What stands between the coin price and the previous swing high is an important resistance zone of $1.81-$1.76. The current price of the MATIC coin is $1.71, and it is facing strong rejection from the overhead resistance.
Though the price still has support from the 50 and 200 EMA line in the 4-hour time frame, a better confirmation for the price recovery will be obtained when the price breaks out from the $1.81.
The traditional pivot shows remarkable confluence with the MATIC/USD chart levels. According to these pivot levels, the crypto traders can expect the next resistance after 1.83, at the $1.93 mark, followed by $2. As for the opposite end, the support levels are $1.6 and $1.45.
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