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.
Trending Stories
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
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- Just-In: PlanB Reveals Bitcoin S2F Prediction For 2024 Halving
- Heavy Outflows Force Investors to Seek Refuge In Multi-crypto Investment Products
- PlanB: When Will Bitcoin (BTC) Price Cross $500K?
- Case Study: P2E Gaming Projects Tackling The Barriers To Web3 Mass Adoption
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
