MATIC is the native utility token of the Polygon blockchain and currently ranks 18th by market capitalization, with a total supply of 10 billion MATIC and a total trading volume of over $204 million in the last 24 hours. It has moved up at a support level of $0.6342 since the last rejection.
After the recent bullish trend of the crypto market, MATIC has not been left behind as the price has been in an uptrend for a while with very strong momentum. Since the last rejection point, MATIC has seen a price reversal of more than 10%.
Technical indicators point to a continued uptrend for MATIC
To figure out where MATIC’s price might be heading, several indicators can be used to examine the chart;
1-day MACD: A technical look at the MACD indicator from a 4-hour time frame, the MACD histograms are trending above the zero line, and both the MACD line and the signal line have crossed each other and are heading towards the MACD zero line, which indicates a bullish trend.
1-day RSI: The formation of the Relative Strength Index (RSI) in the above image also suggests an upward move as the RSI signal line moves towards the 50% level. This indicates that buyers are gradually becoming active in the market, overwhelming the power of sellers.
4-hour alligator: A look at the alligator indicator from the 4-hour time frame shows that the crypto asset is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, indicating that the price would can persist moving in one upward direction.
Potential price movement
After the previous downward move, MATIC price has managed to create one major resistance level at $0.7365 and one major support level at $0.6324. Currently, MATIC is moving towards this resistance level and if it breaks above this level, it could go even further to test the next resistance level at $0.7680.
However, if it fails to break above this major resistance, it will reverse and begin a downward move towards its previous support. Moreover, if the price manages to break below this support level, the price may move further down and thus continue the downtrend. At the time of writing, MATIC’s price was trading around $0.7253 and down around -0.94% in the last 24 hours
Featured image from Shutterstock, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.