MEXCMATIC Price Analysis: Will Retracement To This 50 EMA Rebound To $1?
The MATIC/USDT pair showcased a U-shaped recovery initiated with a bullish engulfing candle and bounced back from a $0.31 low. This run-up has accounted for a 215% appreciation, as the altcoin reached a high of $0.9774. However, this supply around the $1 mark pressurizes the altcoin for another correction.
Key points
- A retest to the Bollinger band indicator’s upper band bolsters a pullback to the midline
- The 100-day EMA flipped to a viable support
- The intraday trading volume in the MATIC is $1.25 Billion, indicating a 25.3% loss
Source- –Tradingview
Amid the recent recovery, the Polygon (MATIC) price has last breached the 100-day EMA and $0.75 resistance, providing a higher footing to carry forward this rally. However, in response to profit-booking from short-term trades, the price witnessed an 18.8% pullback, retesting the 100-day EMA.
Even though the MATIC price rebounded from the 100 EMA support with an inside candle, the buyers struggled to follow up this bull run. Thus, a high-wick rejection and a 3% intraday loss suggest the altcoin face high supply pressure from $ mark.
If the selling pressure persists, the coin price may experience a deeper retracement, possibly to the $0.75 to $0.62 mark. However, the expected pullback may provide a dip opportunity to acquire a Polygon (MATIC) again at a discounted price.
The replenished momentum may continue the prevailing recovery, indicating a high possibility for MATIC price to break above the $1 psychological resistance.
Technical Indicators
Relative Strength Index: On July 18th, the RSI slope tagged the overbought neckline accentuated the altcoin has witnessed aggressive buying in a short span. Moreover, a slight bearish divergence in indicators bolsters a minor retracement to stabilize the ongoing rally.
Bollinger band indicator: on July 20th, the MATIC price showed a fake breakout from the above resistance, supporting the pullback theory. However, the indicator midline should bolster buyers in continuing the prevailing recovery.
- Resistance levels- $0.9 and $1
- Support levels- $0.75 and $0.63
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