The MATIC chart showed several higher-price rejection candles near the $1.7 resistance zone, indicating the sellers have mounted a strong defense. The resulting reversal dumped the altcoin to $1.45 support, just above the $1.35 support. Can this bottom support renew the exhausted bullish momentum?
Key points
- The MATIC price maintains a bearish alignment among the EMAs(20, 50, 100, and 200)
- The coin buyers are defending the $1.45 support.
- The intraday trading volume in MATIC is $562.2 Million, indicating a 37% loss.
Source- Tradingview
A bullish breakout from the descending triangle pattern on March 18th set out a new recovery for MATIC. The post-retest rally pushed the altcoin to $1.7 monthly resistance, providing a 17.14% gain.
However, the price action went sideways for the next week as buyers couldn’t surpass the $1.7 mark even after multiple attempts. The sellers eventually pressurized the MATIC price for a bearish reversal and tumbled it by $12.3%.
Currently, the altcoin trades at the $1.478 mark and is gradually approaching the $1.35 bottom support. This support level served as a strong assumption level during the last quarter, and traders can expect a similar behavior this time.
A possible bullish reversal from $1.45 or $1.35 support would continue the range-bound rally. However, a genuine breakout from the $1.7 or $1.35 is needed to confirm a direction rally.
Technical Indicators
Vortex Indicator -A bearish crossover among the VI+ and V- lines encourage additional selling in the market.
Bollinger band: The MATIC price action resonating within the sideways moving upper and lower band accentuates a consolidation phase.
- Resistance levels- $1.7 and $1.9
- Support levels- $1.35 and $1.44
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.
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Source: https://coingape.com/markets/matic-price-analysis-matic-price-nearing-1-35-support-buy-this-dip/