MATIC Price Analysis: MATIC Price Nearing $1.35 Support; Buy This Dip?
The MATIC chart showed several higher-price rejection candles near the $1.7 resistance zone, indicating the sellers have mounted a strong defense. The resulting reversal dumped the altcoin to $1.45 support, just above the $1.35 support. Can this bottom support renew the exhausted bullish momentum?
Key points
- The MATIC price maintains a bearish alignment among the EMAs(20, 50, 100, and 200)
- The coin buyers are defending the $1.45 support.
- The intraday trading volume in MATIC is $562.2 Million, indicating a 37% loss.
Source- Tradingview
A bullish breakout from the descending triangle pattern on March 18th set out a new recovery for MATIC. The post-retest rally pushed the altcoin to $1.7 monthly resistance, providing a 17.14% gain.
However, the price action went sideways for the next week as buyers couldn’t surpass the $1.7 mark even after multiple attempts. The sellers eventually pressurized the MATIC price for a bearish reversal and tumbled it by $12.3%.
Currently, the altcoin trades at the $1.478 mark and is gradually approaching the $1.35 bottom support. This support level served as a strong assumption level during the last quarter, and traders can expect a similar behavior this time.
A possible bullish reversal from $1.45 or $1.35 support would continue the range-bound rally. However, a genuine breakout from the $1.7 or $1.35 is needed to confirm a direction rally.
Technical Indicators
Vortex Indicator -A bearish crossover among the VI+ and V- lines encourage additional selling in the market.
Bollinger band: The MATIC price action resonating within the sideways moving upper and lower band accentuates a consolidation phase.
- Resistance levels- $1.7 and $1.9
- Support levels- $1.35 and $1.44
- BNB Rally to $1,300 Will Continue As Binance Hits Crucial Q3 Milestone, Says Expert
- Trump’s Real Estate Moves On-Chain as Hut8 Adds WLFI Tokens to Boost Treasury
- ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
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.
