MATIC Price Analysis: Bullish Influence Grows on Consolidation 

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The MATIC price saw a sharp rise from $0.50 to the overhead resistance at $0.75, but the uptrend struggled to rise above, leading to a lateral shift. However, the crucial support level of $0.60 keeps the bearish pressure under check and increases the chances of an uptrend. 

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Key points: 

  • The MACD indicator’s bullish crossover projects a buy signal
  • With a 65% drop in the market value, MATIC price undergoes consolidation.
  • The intraday trading volume in the Polygon is $473 Million, indicating an 11.53% drop.

TradingView Chart

Source- MATIC/USD chart by Tradingview

April being the extremely bearish month for Polygon(MATIC), it experienced a sharp reversal from the $1.68 and plunged to $0.50. However, the May month brought relief for buyers as the downfall led to a lateral shift after a $0.75 retest. 

Being trapped under low range movement, the trend momentum coils up and awaits a jump in trading volume to be released. Hence, traders can expect a sharp move on either side.

The consolidation comes due to the lack of traders’ interest; however, a surge in high-leverage positions can increase the volatility, depending on the breakout. 

Today, the MATIC price is up by 1.05% and shows a lower price rejection candle.

A bullish breakout of the consolidation range can breach the $0.75 mark and test the next overhead resistance at $1.

On the opposite end, if sellers pull the altcoin below the $0.60 mark, the resulting fallout will plunge the altcoin under $0.050.

Technical indicator-

A bullish crossover of the MACD and signal line encourages the entry of new MATIC buyers, evident by the rising trend of bullish histograms.

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The MATIC price shows a growth in the underlying demand as the VI lines of the Vortex indicator approach each other to give a bullish crossover. 

  • Resistance level- $0.75, and $1
  • Support level- $0.60 and $0.50

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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