MATIC price continues to trade lower on Saturday near the vital support level. The price hovers in a short-term trading range of $1.30 and $1.75 since late January. MATIC price is in a tough spot but its latest next directional move skewed in favor of bulls.
- MATIC price is in the consolidation phase for two weeks.
- On a broader time framework, the price remains in the downward trend.
- However, multiple support around $1.31 could push the price towards $1.75.
As of press time, MATIC/USD is exchanging hands at $1.38%, down 0.97% for the day.
MATIC price remains to consolidate near support levels
On the daily chart, the MATIC price has been trading in the downtrend since December 28, after tagging the swing highs near $2.92. In addition to that, the descending trend line act as a resistance for the bulls. The price depreciated nearly 65% from the December record highs.
Further, the MATIC price pierced the 50-day EMA (Exponential Moving Average) at $2.20 on January 18, adding more pressure to the asset. Since then, the sellers remain active in MATIC.
Currently, the price is trading near the vital support placed around $1.31. In the previous attempt, MATIC shoots up nearly 34% to test the highs of $1.71.This time too, a sustained buying pressure could push the price to first test the bearish slopping line at $1.50.
A successful daily closing above the bearish slopping line would bring $1.60 into play followed by the ultimate target of $1.75.
On the other hand, a spike in sell orders would shift the bullish sentiment. A weekly close below $1.30 will invalidate the upside theory in the asset. On moving lower investors could collect liquidity around $1.20, the levels last seen in October.
As per the CoinMarketCap, the 24-hour trading volume of MATIC holds at $1,016,670,599.
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.
About Author
Source: https://coingape.com/markets/matic-price-prediction-multiple-support-around-1-30-aims-for-1-75/