MEXCMATIC Price Analysis: Post-Correction Rally May Shoot Prices to $1.2
The ongoing recovery rally in the MATIC/USDT pair initiated along with the formation of an ascending triangle pattern in the daily time frame chart. On July 13th, the coin price gave a bullish breakout from the $0.628 neckline resistance, leading to a 53.3% rally to the $1 resistance zone. However, the coin prices currently going through a correction phase may offer potential buyers to enter at discounted prices.
Key points
- The MATIC price has surged 11% in the past two days.
- The coin price lowered under the influence of the flag pattern
- The intraday trading volume in the MATIC is $920.2 Million, indicating a 12.51% gain
Source- –Tradingview
Last week the crypto market witnessed a sudden sell-off, to which the MATIC price plummeted 20% and tested the flipped support of $0.75. However, On July 26th, the altcoin showcased recovery signs as the long-tail rejection attached to the daily candle indicated the traders are actively accumulating at the discounted price.
Today, the MATIC price is 3.7% up and shows a decent follow-up for the continuation of the recovery rally. However, in the 4-hour time frame, the recent retracement shaped the price action into a flag pattern.
This bullish continuation pattern should replenish the bullish momentum to break the $1 psychological resistance. Thus, An upside breakout from the pattern’s resistance trendline would provide an entry opportunity for interested traders.
As per the technical setup, the potential rally may hike the market price 46.6% higher to the $1.18 mark.
On a contrary note, a breakdown from a long-coming support trendline would invalidate the bullish thesis and may trigger a downfall to $0.45 and, under unfavorable conditions, the $0.317.
Technical Indicators
EMAs: the 20-day EMA acts as dynamic support for MATIC price, providing a suitable footing during the occasional pullbacks. Moreover, the altcoin is currently grappling with 100-day EMA resistance, where a candle closing above it would give an extra confirmation for buyers.
MACD indicator: a bearish crossover between the fast and slow slopes bolsters the extension for ongoing correction. However, a breakdown from these lines below the neutral zone would indicate weakness in bullish momentum.
- Resistance levels- $1 and $1.18
- Support levels- $0.75 and $0.63
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