Will MATIC Price Hold Above $1 This Time?
The formation of a morning star candle pattern at the $0.935 mark indicates the price sustainability at higher levels. This is one of the commonly observed reversal patterns that replenished bullish momentum for further price recovery. However, can this post-correction assist MATIC price surpass the new local top of $1.05?
Key points
- A bullish reversal from the $0.935 breached resistance projects price sustainability at higher levels.
- The range between $0.935 and $0.87 stands as a strong support zone as crucial EMAs waver between this level.
- The intraday trading volume in the MATIC is $392.5 Million, indicating a 32.6% loss.
Source- –Tradingview
The MATIC coin price has increased phenomenally with the start of 2023, accounting for a price jump of 38% within three weeks. However, amid the recovery phase, a sudden drop in the MATIC market value resulted in the retest of the broken resistance of $0.935.
The minor correction should have benefitted the MATIC price by absorbing the excessive buying of recovery sentiment and stabilizing it for the future rally. Nonetheless, the price action displays lower price rejection in the recent daily candle, projecting the possibility of a continued bull run.
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Interested traders can enter this pullback opportunity a: gain confirmation once the price breaks the $1.05 ceiling. Moreover, the decline in the intraday trading volume during the retest phase bolsters the possibility of a long-term bull trend.
Currently, the Polygon coin price trades at the value of $0.98, with a recovery of 2.9% in the last 24 hours. If the MATIC coin price breaks above the recent swing high of $1.05, the buyers will obtain suitable support and raise the prices by 8% high in the coming weeks.
Conversely, a lack of buying pressure can result in a consolidation phase between $1.05 and $0.935.
Technical Indicators
EMAs: the daily EMAs show two bullish crossovers between the 20-200 EMA and 50-100 EMA. This crossover attracts more buyers in the market and accentuates the recovery motion in coin and
RSI: the daily-RSI slope turned down from close to the overbought region, indicating the recent correction tried to stabilize the ongoing bullish rally.
MATIC Coin Price Intraday Levels
- Spot rate: $0.98
- Trend: Bullish
- Volatility: Low
- Resistance levels- $1.05 and $1.136
- Support levels- $0.935 and $0.87
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