Tech

MATIC Price Finds Support for a Potential Rally to $0.745; Good Time to Buy?

06/12/2023
Bitcoin Ethereum News

Published 1 hour ago

The recent altcoin crash fueled the ongoing downtrend in MATIC price and plunged to yearly support of $0.518. From the peak of $0.95, this downfall tumbled the price by nearly 45% within a week. However, the daily chart shows a sharply lower price rejection at $0.518 on June 10th, revealing a high accumulation zone for buyers; Can coin buyers kickstart a fresh recovery from this level?

Also Read: Delisted MATIC Price Plummets as Whales Dump Tokens

MATIC Price Daily Chart

  • A potential reversal in MATIC price may face intense supply at $0.687 and $0.744
  • The oversold RSI indicator reflects the coin price is trading at a heavy discount 
  • The intraday trading volume in the MATIC is $364.5 Million, indicating an 8.67% gain.

MATIC Price Source-Tradingview

The Long-tail rejection candle at $0.518 support indicates the aggressive accumulation from buyers at lower levels. The coin price is 24% higher from the bottom support to current trade at $0.644.

The discounted MATIC price could attract more buyers and trigger a temporary pullback to $0.745. The potential rally could surge the price by 15%-18% to meet the long-coming resistance trendline(red).

The aforementioned resistance has maintained a steady downtrend in MATIC price and the potential traders seeking long-entry opportunities must wait for a breakout above this trendline.

Will MATIC Price Rise above $0.745?

The current relief rally in MATIC is likely triggered by the accumulation of this altcoin at discounted market value. Thus, with the overall trend still bearish, a recovery above $0.745 is less likely. If buyers face supply pressure at the in-between resistance of $0.68, the price may revisit $0.518 support.

  • Exponential Moving Average: The coin price stretched far from its exponential moving average(20, 50, 100, and 200) reflecting instability in the current downtrend.
  • Moving Average Convergence Divergence: The wide gap between the bearishly aligned MACD(blue) and signal(orange) highlights an aggressive downtrend in MATIC.

From the past 5 years I am 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. Reach out to me at brian (at) coingape.com

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.

Source: https://coingape.com/markets/matic-price-finds-support-for-a-potential-rally-to-0-745-good-time-to-buy/