NewsletterMATIC Price On Recovery Path Again, But Can It Surpass $1 mark?
The recent consolidation in MATIC price ended in the buyer’s favor as the technical chart revealed a double bottom pattern in play. Furthermore, the post-correction rally has pierced the $0.85 neckline resistance offering an entry opportunity for interested buyers. Can the replenished bullish momentum reclaim the $1.03 mark?
Key points from MATIC analysis:
- The MATIC price has surged 17.8% in the past five days.
- The double bottom pattern breakout may encourage MATIC price to surpass $1.03 ceiling
- The intraday trading volume in the MATIC is $581.2 Million, indicating a 35.3% gain
Source- –Tradingview
During the Third week of August, the crypto market witnessed a widespread correction. As a result, the MATIC/USDT pair corrected 26.5% from $1.03 and plunged to the combined support of $0.758 and 0.382 Fibonacci retracement.
Over the past two weeks, the MATIC price retested the $0.758 support multiple times, indicating the traders were actively buying at this level. Furthermore, this consolidation between the $0.85 and $0.758 barriers shaped into a double bottom pattern.
This bullish reversal pattern should encourage buyers to end the ongoing correction and resume the prior recovery. Thus, on September 1st, the MATIC price gave a decisive breakout from the $0.85 neckline resistance, indicating the completion of the bullish pattern.
Thus, the interest traders can enter now or wait for a proper retest for better confirmation. The post-correction rally may surge prices 15.4% higher to reach the prior swing resistance of $1.03.
On a contrary note, if MATIC fails to sustain above $0.85, the sellers may reattempt to knock out $0.758 support.
Technical Indicators
EMAs: along with the $0.85 breakout, the coin price breached the cluster of EMA(20, 50, and 100) resistances, offering an extra edge for buyers. However, the potential bull run could face strong resistance at 200-day EMA moving close to $0.958 resistance.
Relative Strength index: a daily-RSI slope that jumps above the neutral line indicates the market sentiment bolsters the recovery phase.
- Resistance levels- $1 and $1.18
- Support levels- $0.758 and $0.67
- Why Is The Crypto Market Up Today? Bitcoin, XRP Lead Recovery
- ‘Cardano Didn’t Go Down,’ Charles Hoskinson Pushes Back On Network FUD
- ‘I Won’t Back Down,’ Michael Saylor Reinforces Strategy’s Bitcoin Mission
- Eric Trump Says Now Is a Great Time to Buy Bitcoin Amid Crypto Crash
- Dogecoin, Cardano, Shiba Inu Eye Wider Adoption as Coinbase Announces Perpetual-Style Futures
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
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.
Premium Partners
