Started by Bitcoin, Jan 31, 2023, 10:32 am
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The MATIC price started to depreciate on its daily chart after it met its immediate resistance of $1.124. In the same time frame, the coin fell by almost 6%. Over the last week, however, MATIC registered sharp gains as it appreciated by nearly 13%.
The MATIC price currently stands at a critical point, as a break above the immediate resistance mark will help the altcoin to propel its price considerably. The technical outlook of the altcoin continues to side with the bulls despite the recent fall in price.
This also means that bullish momentum hasn’t died down yet. The buying strength has remained strong over the last week, but the coin has seen a slight buyer downtick on the daily chart. Accumulation, on the other hand, has remained positive.
MATIC must secure its local support at the $1.112 level for the coin to continue moving up. By the indicators, buyers could step in as MATIC is headed for another bull run before the price retries again. The altcoin is trading 60% below its all-time high, secured in 2021.
Polygon (MATIC) was trading at $1.116 at the time of writing. Over the last week, the coin has breached several critical resistance levels. It is now stuck under its immediate resistance of $1.122; moving above that level will help MATIC to rally by almost 15%.
The nearest support for the coin was $1.109, but MATIC has to immediately topple the $1.122 mark to secure $1.120 as its support level.
A fall from the $1.109 price will drag the altcoin to $0.99. The amount of MATIC traded in the last session was still green, indicating buyers dominated the market.
The altcoin was overbought twice this year; hence, a minor price correction is expected from the altcoin. The Relative Strength Index was parked above the 60-mark despite the tiny downtick due to the fall in price. It also meant that buyers overpowered sellers in the market.
Similarly, MATIC moved above the 20-Simple Moving Average line (SMA), suggesting that buyers were driving the price momentum in the market.
The coin was also above the 50-SMA (yellow) and 200-SMA (green), implying prolonged bullishness on the chart. This could mean that altcoin could cross above the immediate resistance, causing the price to soar higher.
The other technical indicators have also indicated an upcoming price increase. The Moving Average Convergence Divergence (MACD) indicates price momentum and a reversal of the same. MACD formed green signal bars, which were tied to buy signals.
Bollinger Bands suggest that price volatility and fluctuation have increased as the bands have widened in anticipation of upcoming price volatility. This also indicated that the coin was moving toward another rally.
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