Where’s MATIC Headed After Retesting The $1.30 Price Mark?
February 16 2023 - 1:30PM
NEWSBTC
The MATIC price has been depicting bullish sentiments over the past
few days, pushing the altcoin to break past its rigid price
resistance mark. Over the last 24 hours, the altcoin soared close
to 8%, and MATIC appreciated by 4.7% in the previous week. Bitcoin
has begun to rally, and major altcoins and market movers have risen
on their respective charts. The technical outlook has started
towards bullish strength mounting on the chart. The buying strength
noted an increase, which automatically meant that demand and
accumulation also shot up on the chart. Related Reading: Polygon
Whales Continue Accumulation, Add 55M MATIC This indicated that
buyers are slowly gaining confidence in the asset’s price movement.
The first point of resistance for MATIC was at $1.26, which the
altcoin managed to breach after several attempts. Once the altcoin
cleared the price above the ceiling, MATIC retested the $1.30
price. MATIC has been stuck under it for several months. If buying
pressure and demand remain consistent, MATIC can touch the next
price ceiling; however, the possibility of a price correction
cannot be ruled out. MATIC Price Analysis: One-Day Chart The
altcoin was trading at $1.37 at the time of writing. The movement
of MATIC has been steady ever since it broke past the $1.30
resistance mark. Immediate resistance for the coin stood at $1.40.
Moving above that level will take the altcoin to $1.43 before the
coin retraces. In the event of a price correction over the
subsequent trading sessions, local support for the altcoin was at
$1.33 and then at $1.30. A fall below the $1.30 level can drag the
altcoin to $1.22. The amount of MATIC traded in the last session
was green, which meant that buying pressure continued to increase
in the market. Technical Analysis As the coin broke above the $1.30
price mark, the coin swept past the overbuying zone, slightly
retraced from that zone too. In press time, however, as demand shot
up, the coin registered an uptick in buying strength. The Relative
Strength Index stood above the 60-mark and was moving close to
overvalued territory. This was a sign of bullishness. Similarly,
the MATIC price moved above the 20-Simple Moving Average line as
buyers were driving the price momentum in the market. Per the
increase in buying strength, other indicators have also pointed
toward bullish intent for the altcoin. The Moving Average
Convergence Divergence indicator depicts price momentum and change.
The indicator briefly formed green signal bars, tied to buy signals
and a possible rise in price. Although the price might rise over
the subsequent trading sessions, it is uncertain if MATIC will
break past the $0.40 mark over the immediate trading sessions.
Bollinger Bands indicate price volatility and fluctuation; the
bands were wide but parallel. Related Reading: Ethereum Price
Revisits $1,700, Why ETH Could Surge To $2,000 This suggested that
the coin could remain in a range before breaking to the upside or
moving south, depending on how consistent demand for the altcoin
is. Featured Image From UnSplash, Charts From TradingView.com
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