Matic Price Analysis: MATIC Price Maintains A Steady Uptrend With A Rising Parallel Channel Pattern

By Brian Bollinger
Published December 6, 2021 Updated December 6, 2021
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Matic Price Analysis: MATIC Price Maintains A Steady Uptrend With A Rising Parallel Channel Pattern

By Brian Bollinger
Published December 6, 2021 Updated December 6, 2021

The overall correction in the crypto market led to the failure in MATIC coin price to sustain near the resistance trendline of the rising channel. However, the recent fightback from the bulls to sustain the demand for the coin keeps the chances of a bullish reversal alive. Moreover, many Venture Capital (VC) investors are looking to invest in Ethereum scaling Polygon through an investment between $50 million to $150 million, as per a report from TechCrunch. 

Key technical points:

  • The MATIC coin maintains an uptrend within a rising channel in the daily chart. 
  • The intraday trading volume in the MATIC coin is $3.17 Billion, indicating a 15% fall.

TradingView ChartSource- MATIC/USD chart by Tradingview

As the entire crypto market fell on December 4th, the MATIC coin price had to share the same fate. The coin price failed to sustain at the top of the rising channel, and by obtaining strong rejection from this overhead resistance, the price started to fall again. 

However, instead of taking proper support from the bottom ascending trendline, the price displayed several lower price rejection candles on the midway, indicating the intense buying pressure in the coin. 

The crucial EMA level (20, 50, 100, and 200) reflect a strong uptrend in action with their bullish alignment. Moreover, the Relative Strength Index(55) displays an influential underlying bullishness controlling the trend.

MATIC/USD 4-hour Time Frame Chart

TradingView Chart

Source- MATIC/USD chart by Tradingview

This lower time frame chart also indicates the MATIC/USD chart forms a double bottom pattern with the support of the 200 EMA line. With this bullish pattern, the price could again retest the dynamic resistance above or even an upside breakout in favorable conditions.

The important levels for the coin on the upside are at the $2.30 and $2.50 mark. And, on the lower side, the support levels are at 1.75 and $1.50 mark.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Brian Bollinger
185 Articles
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com