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Silicon Valley Bank (SIVB), a crypto-friendly bank, experienced a significant decline of 60.4% in its share price on March 9th. This decline had a ripple effect on the crypto market and intensified the selling pressure on the majority of major cryptocurrencies. Thus, the ongoing correction in MATIC price extended its downfall to the combined support of 0.786 Fibonacci retracement level of $0.94. Can buyers take trend control now or there be more pain in the coming days?
Key Points
- A bullish reversal from 0.786 FIB support may trigger an 8-10% temporary rally to $1.16
- The 1.16 level stands as a strong supply zone for MATIC traders
- The intraday trading volume in the MATIC is $921.5 Million, indicating a 21% gain.
Source- -Tradingview
The crypto market witnessed ease in selling pressure after the US. President Joe Biden hinted that the United States economy is “headed in the right direction” and therefore, the forthcoming interest hike program could be less aggressive.
Thus, the polygon coin bounced back from the combined support of 0786 FIB and $0.94 and surged the prices 13% higher to reach the current price of $1.07. Anyhow, the MATIC price downfall to a low Fibonacci retracement level such as 0.786 indicates weakness in buyers’ commitment.
Therefore, interested buyers will need better confirmation to assure the coin price is riding a post-correction rally.
With sustained buying, the recent bullish reversal may rise 8-10% and retest the crucial resistance of $1.16. The market participants should close at this level as a reversal or breakout from it will influence the near future price of MATIC.
Technical Indicators
RSI: The daily RSI slope wavering low in bearish territory indicates market sentiment remains bearish
EMAs: The 20-and-50-day EMAs nearing a bearish crossover near the $1.19 mark creates a strong resistance zone for buyers.
MATIC Coin Price Intraday Levels
- Spot rate: $1.06
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $1.05, and $1.16
- Support levels- $0.95 and $0.82
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-analysis-points-to-8-10-relief-rally-ahead-but-theres-a-catch/