Claim $500Accumulation at Crucial Support Hints MATIC Price Rally to $0.75, But There’s a Catch
On June 10th, the MATIC price witnessed an intense sell-off and printed a long-red candle in the daily time frame chart. With this sell-off, the coin price breached yearly support of $0.687 and reached a low of $0.518. While the support breakdown reflected aggressive selling pressure in the market, the buyers defending the $0.518 level indicates, the coin price is less likely to breach this support in the near future.
Also Read: Polygon 2.0 Released As the Value Layer of the Internet, MATIC Price Up 2.5%
MATIC Price Daily Chart
- The MATIC price is like to witness a bullish upswing to $0.75
- A downsloping resistance trendline carries the current downtrend
- The intraday trading volume in the MATIC is $364.5 Million, indicating an 8.67% gain.
Source-Tradingview
The recent rebound from the $0.518 level indicates a period of accumulation as buyers seize the opportunity to acquire their favorite altcoins at discounted prices. As a result, the MATIC price surged by 28% gain and reached the current trading value of the $0.663 mark.
However, this reversal does not confirm a considerable recovery but can offer a temporary bounce in the current downtrend. With sustained buying, the altcoin could breach the $0.687 local resistance and surge to the $0.75 psychological barrier.
The above resistance aligned with a long-coming resistance which could recuperate the selling pressure and resume the prevailing downtrend.
Will MATIC Price Revisit $0.518?
The consecutive three-day rally in MATIC price is accompanied by a decreasing volume, raising concerns about the commitment behind a sustained recovery. This bullish upswing may rechallenge the overhead trend in the near future, but any reversal sign from it plunges the price back to $0.518.
- Average Directional Index: A high value of ADX(38) slope reflects the instability of the current downtrend.
- Bollinger Band: The bands of the Bollinger Band indicator challenged on the downside indicate underlying selling momentum is still high.
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