TA: Matic Price Faces Resistance To Break Above The $1 mark?
03 August 2022 - 6:31AM
NEWSBTC
Despite showing great recovery signs from a low of $0.33 with over
80% gains in weeks, Matic price faces strong resistance at $1. July
has been good for most crypto projects, with the price of Matic
surging to over 80% gains in just one month, although Matic price
faces steep resistance at the $1 mark. Matic Weekly Chart Analysis
The price of Matic moved from the low of $0.33 to a high of $1
before seeing a rejection to a region of $0.80. Matic saw a relief
bounce when it met its all-time high (ATH) of 2021; this became a
good support for Matic to build more buy pressure for a good relief
bounce. From the strong support built around $0.33, Matic has been
able to form weak support on the weekly chart at around $0.589. A
pull back on the weekly price of Matic would see us retesting the
support region of $0.6 – $0.58. Major resistance on the weekly
chart – $1 Major support on the weekly chart – $0.6, $0.35 Daily
Analysis Of Matic Price The daily chart for Matic price still looks
good after being rejected from $1, which corresponds with the 200
EMA. Matic is holding up well above the 50 EMA, which is good
support on the daily timeframe. With trend reversal in a low
timeframe, bulls could push the price high enough to break the 200
EMA resistance that has been tough to break. A successful break of
the resistance at $1.02 could see the price of Matic go high as
$1.3. The volume on the daily chart suggests buyers are still
holding on to their position until a complete trend reversal on a
higher timeframe. The relative strength Index (RSI) on the daily
chart is at the 60 mark, which is a good sign as there is not much
sell pressure on Matic. If Matic cannot hold the 50 EMA as support,
should there be a shift in trend to the downside, the region of
$0.6 – $0.589 has been a good support area to allow buyers to drive
the price upward. Daily resistance – $1.02. Daily support – $0.74,
$0.589. Matic Price On The 4H Chart The price of Matic on the 4H
chart shows the price is above the 200 EMA but struggling to break
past the 50 EMA acting as resistance for Matic. Matic needs to
break this resistance for bulls to push towards the $1 mark
resistance that has proved difficult to break for Matic on the high
timeframe. The volume on the chart shows more buyers stepping in to
buy Matic at this level; the bounce across the market for Bitcoin
(BTC), Ethereum (ETH), and other cryptocurrencies could push the
price of Matic high above the current price. Matic needs to break
and close above $0.88, which corresponds with the 50 EMA, to have a
better chance of going higher; if Matic fails to break, then a pull
back to the next support is expected. Resistance on the 4H chart –
$0.88, $1. Support on the 4H chart – $0.776, $0.59.
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