MATIC price treads water on Saturday indicating a lack of enthusiasm among traders. The price shows signs of selling exhaustion as it approached a reliable support area that could be the key to a quick reversal. However, in the longer time frame, the MATIC buyers look in trouble.
- MATIC price remains muted with modest gains.
- The price seeks support around the multi-month support of around $1.45.
- However, on the weekly charts, the price looks weak and could ignite further selling in the pair.
MATIC price trades near an inflection point
MATIC price remains pressured after tagging the record highs at $2.92 made on December 27. Further, the descending trend line acts as a resistance barrier for the bulls. However, once again the buyers explore the demand zone extending from $1.30 to $1.24.
In the week, the recent downtick that led to a 13% descent in MATIC price from $1.44 attempted to breach the upper limit at $1.68 but failed to push through. As a result, MATIC sellers have been on the front foot, leading to a decline in the price.
Now, intense selling pressure could further drive the price to revisit the lows of $1.24 observed during the week ended on February 21.
On the contrary, MATIC’s price has the $1.44 to $1.53 demand zone acting as a key triggering level for the upside reversal. Therefore, traders can expect a bounce-back if the price managed to retest the mentioned level. In doing so, the price could recapture the $1.69 level.
Further, a break above the bearish slopping would reverse the prevailing downtrend with an eye on the psychological $2.0 level.
As of writing, MATIC/USD exchange hands at $1.44, up 0.64% for the day.
RSI: The Relative Strength Index looks bearish below the average line. It reads at 44.
MACD: The Moving Average Convergence Divergence remains negative below the average line.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3