NewsletterMATIC Price Rebounds From Local Support Of $1.2; Will Bullish Rally Continue?
The parabolic growth in MATIC coin price has recently marked a new local top at $1.54. Furthermore, with increased bearishness in the crypto market, the coin price turned down from this peak and tumbled 22% down to reach the $1.2 mark. Thus, a V-top reversal plunged the price below the $1.3 mark, indicating the price could prolong the bearish trend.
Key Points
- The formation of the V-top reversal indicates a rapid downfall and a high level of confidence from sellers.
- The 50-day EMA moving near the $1.18 mark increase the support strength of this level/
- The intraday trading volume in the MATIC is $5.5 Million, indicating a 37.5% gain.
Source- -Tradingview
The V-Top reversal has also breached the last swing high resistance of $1.305, hinting at a prolonged correction in MATIC price. However, on February 25th, the coin price showcased a long-lower price rejection at $1.2 support suggesting the buyers are accumulating at the dips.
Furthermore, the polygon coin price today is 2.74% up and may rise higher to retest the breached $1.3 support and possible resistance. The MATIC holders lookout for this level as behavior around it could influence the near future price.
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If the coin price shows sustainability below the $1.3 mark, the sellers may extend the ongoing correction phase and plunge the price to the $1.05 mark.
On a contrary note, a bullish breakout from the $1.3 resistance will encourage buyers to rechallenge the $1.532 barrier.
Technical Indicators
MACD: After a bearish crossover, a significant gap between the MACD and the signal line indicates the selling pressure in the market hikes.
EMAs: The recently breached 20-day EMA slope moving near the $1.3 level increases the resistance power of these levels.
MATIC Coin Price Intraday Levels
- Spot rate: $1.29
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.3., and $1.53
- Support levels- $1.18 and $1.05
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