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The recent altcoin crash fueled the ongoing downtrend in MATIC price and plunged to yearly support of $0.518. From the peak of $0.95, this downfall tumbled the price by nearly 45% within a week. However, the daily chart shows a sharply lower price rejection at $0.518 on June 10th, revealing a high accumulation zone for buyers; Can coin buyers kickstart a fresh recovery from this level?
Also Read: Delisted MATIC Price Plummets as Whales Dump Tokens
MATIC Price Daily Chart
- A potential reversal in MATIC price may face intense supply at $0.687 and $0.744
- The oversold RSI indicator reflects the coin price is trading at a heavy discount
- The intraday trading volume in the MATIC is $364.5 Million, indicating an 8.67% gain.
Source-Tradingview
The Long-tail rejection candle at $0.518 support indicates the aggressive accumulation from buyers at lower levels. The coin price is 24% higher from the bottom support to current trade at $0.644.
The discounted MATIC price could attract more buyers and trigger a temporary pullback to $0.745. The potential rally could surge the price by 15%-18% to meet the long-coming resistance trendline(red).
The aforementioned resistance has maintained a steady downtrend in MATIC price and the potential traders seeking long-entry opportunities must wait for a breakout above this trendline.
Will MATIC Price Rise above $0.745?
The current relief rally in MATIC is likely triggered by the accumulation of this altcoin at discounted market value. Thus, with the overall trend still bearish, a recovery above $0.745 is less likely. If buyers face supply pressure at the in-between resistance of $0.68, the price may revisit $0.518 support.
- Exponential Moving Average: The coin price stretched far from its exponential moving average(20, 50, 100, and 200) reflecting instability in the current downtrend.
- Moving Average Convergence Divergence: The wide gap between the bearishly aligned MACD(blue) and signal(orange) highlights an aggressive downtrend in MATIC.
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