NewsletterAccumulation 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.
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Bitcoin Stalls Ahead of FOMC as Analyst Van de Poppe Sees No Break Until Tuesday
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
