While some top coins have recovered nicely alongside Bitcoin, Matic still finds it difficult to regain strength as it trades at around wedge’s support. The price is weak as it enters an oversold area on the daily chart.
The FUD (Fear Uncertainty and Doubt) surrounding the crypto market lately has led most altcoins into an indecisive mode, including Matic, which is now struggling to resume bullish.
However, it has managed to reclaim the $0.7 level after witnessing a huge slump in the past weeks. But it is losing momentum again as trading becomes boring due to a lack of interest in the market.
An increase in the volume inflow could lieur the buyers back in the market with a significant surge. That could lead to another bullish rally from a mid-term perspective. Currently, there are no major signs of the buyers in the market.
If the sellers show interest again, we may see a sell-off below the recent low, causing another pain in the market. But considering the 50% discount provided during the last correction, we can expect a notable increase when Matic finishes gathering liquidity.
Another sentiment to consider for bullish lies in the expected post-halving rally, which is mostly followed by a massive price explosion in the overall crypto space. Matic may look bearish right now, but a big upsurge is imminent.
Matic’s Key Levels To Watch
The $0.77 resistance level may pose a threat to the bulls in a recovery phase. If they surpass it, higher resistance levels to watch on the way up are $0.853 and $0.95, followed by the crucial $1 level.
While the $0.6 level currently stands and monthly support, a dip below it could activate a fresh sell-off below the broadening wedge. The $0.55 and $0.50 levels would be the next support to watch.
Key Resistance Levels: $0.77, $0.853, $0.95
Key Support Levels: $0.60, $0.55, $0.50
- Spot Price: $0.709
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/polygon-matic-price-analysis-prediction-april-26-matic-tests-this-wedges-lower-boundary-is-rebound-possible/