MATIC Breaks 2 Month Trend In Attempt to Reach $1.50
-MATIC has revived nearly 90% off low in July
-Price has been battling major resistance zone
-100MA is now acting as support
Matic has been overall flat the last two weeks as it attempts to regain a major resistance zone. The majority of the cryptocurrency market has fully broken out of its downtrends & have been aiming towards levels traded at in May. This is a great sign as many investors were worrying a dip to low $20,000s on BTC. MATIC has been lagging a bit but this is expected as it had one of the most explosive bull trends which ended later than others.
While looking at the last 2.5 weeks, we can see how price has been respecting an ascending channel. Each time price hits either trend, it has gotten rejected to the other. If bulls manage to break the top trend, the major resistance of $1.16-$1.22 must be held to experience a large pump. At the time of writing, price is holding its major support at $1.11. As long as this continues, MATIC is in position to break its resistance zone and head to targets of $1.32 & $1.45.
In addition, MATIC just managed to break over a near two month downtrend line over the past week. Yesterday, MATIC retested this as support, which is a very bullish sign overall. Along with the new trend line support, lies the 100MA. This MA has been holding as support for almost a month & a break below this will surely confirm a short term bearish trend. There is also a major support zone near the 100MA. This zone lies from $1.01-$1.05. If bears take control & break these two marks, MATIC will likely fall to $0.93.
While looking at the RSI, we can conclude it has been overall bullish as it has stayed above the 50 value. A strong push to the overbought region will be needed for MATIC to break over its resistance zone & hit its targets. Inversely, a break below the 50 value will confirm some type of downtrend. The Stochastic RSI has just reset to oversold levels and is now making its way to overbought levels. Staying above the 50 value is needed for a strong push on MATIC.
MATIC Intraday Analysis
Spot rate: $1.14
Trend: Sideways
Volatility: High
Support: $1.11
Resistance: $1.16
-Price has been battling major resistance zone
-100MA is now acting as support
Matic has been overall flat the last two weeks as it attempts to regain a major resistance zone. The majority of the cryptocurrency market has fully broken out of its downtrends & have been aiming towards levels traded at in May. This is a great sign as many investors were worrying a dip to low $20,000s on BTC. MATIC has been lagging a bit but this is expected as it had one of the most explosive bull trends which ended later than others.
While looking at the last 2.5 weeks, we can see how price has been respecting an ascending channel. Each time price hits either trend, it has gotten rejected to the other. If bulls manage to break the top trend, the major resistance of $1.16-$1.22 must be held to experience a large pump. At the time of writing, price is holding its major support at $1.11. As long as this continues, MATIC is in position to break its resistance zone and head to targets of $1.32 & $1.45.
In addition, MATIC just managed to break over a near two month downtrend line over the past week. Yesterday, MATIC retested this as support, which is a very bullish sign overall. Along with the new trend line support, lies the 100MA. This MA has been holding as support for almost a month & a break below this will surely confirm a short term bearish trend. There is also a major support zone near the 100MA. This zone lies from $1.01-$1.05. If bears take control & break these two marks, MATIC will likely fall to $0.93.
While looking at the RSI, we can conclude it has been overall bullish as it has stayed above the 50 value. A strong push to the overbought region will be needed for MATIC to break over its resistance zone & hit its targets. Inversely, a break below the 50 value will confirm some type of downtrend. The Stochastic RSI has just reset to oversold levels and is now making its way to overbought levels. Staying above the 50 value is needed for a strong push on MATIC.
MATIC Intraday Analysis
Spot rate: $1.14
Trend: Sideways
Volatility: High
Support: $1.11
Resistance: $1.16