Sign Up on MEXCCan MATIC Price Hold Above $1 Amid Rising FUD in the Market?
On March 28th, the MATIC price rebounded from a combined support of $1.104 and 200-day EMA, with a bullish piercing candle. This bullish candle reflects the buyers’ attempt to reclaim trend control and resume a bullish recovery. If the coin price manages to sustain above the 200-day EMA, the MATIC buyer will likely push the prices above the $1.25 psychological barrier.
Key points
- A bullish breakout from the 50-day EMA will open up a path of a 10-12% recovery in MATIC price
- The 200-day EMA act as crucial support to maintain an overall uptrend
- The intraday trading volume in the MATIC is $222.5 Million, indicating a 26% loss.
Source- –Tradingview
Amid the ongoing uncertainty in the crypto market, the polygon coin price turned down from the $1.25 resistance and triggered a minor correction phase. During the second half of March, this bearish bullish tumbled the MATIC price by 17% to reach the $1.04 mark.
The 200-day wobbling around the aforementioned level offered strong support and managed to push the prices higher. This higher low formation could be an early sign of an upcoming bullish rally as buyers accumulate at bullish pullbacks which is a key trait for a sustained uptrend.
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A bullish reversal from $1.04 support has surged the MATIC price 6% higher to reach the current price of $1.103. With sustained buying, if the buyers manage to breach 50% and buyers will likely drive the prices 12% higher to rechallenge the last swing high of $1.25.
A bullish breakout from the $1.25 ceiling will offer additional confirmation for prolonged recovery.
Technical Indicators
Exponential Moving Average: the MATIC price sustainability above the 200-day EMA maintains an overall bullish trend.
Moving Average Convergence Divergence: multiple crossovers between the MACD(blue) and the signal (orange) line indicate ongoing uncertainty among market participants.
MATIC Coin Price Intraday Levels
- Spot rate: $1.1
- Trend: Bearish
- Volatility: High
- Resistance levels- $1.16 and $1.25
- Support levels- $1.04 and $0.93
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