Matic has seen a nice recovery after witnessing a serious meltdown in the last couple of weeks. It resurged this month to a three-week high after registering a 5% increase in a week. The bulls appeared back!
Last month saw Matic through several drops in the first month of the year after failing to surpass the key $1 level. It later pinned support at $0.69 and bounced back after dipping below a key demand area – marked orange on the daily chart.
After a week’s recovery, the price got rejected with an inverse pin bar and dropped slowly as it entered this month on a retracement. It found support again, picked up, and broke through a three-month resistance to $0.85 today.
Currently, it paused buying and remained calm on the daily chart. It is likely to resume buying with the latest recovery across the market. If not, Matic may slide back into the demand zone for support. Failure to rebound could lead to a major crackdown to $0.55.
However, the daily volume indicator level has continued to drop despite the recent price increase – suggesting a potential sell. A continuous surge above the mentioned key level should validate a massive explosion to the upside.
Matic’s Key Levels To Watch
Source: Tradingview
As Matic currently faces an upward direction, the immediate resistance level to keep in mind is $0.95, followed by the $1.095 resistance. A successful climb above this key resistance could fuel a
Aside from last month’s low of $0.69, Matic has mounted support at the $0.74 and $0.76 levels. The $0.83 level currently provides support for the market. Losing all these supports might lead to a serious drawdown to $0.667 and perhaps $0.60.
Key Resistance Levels: $0.95, $1.095, $1.2
Key Support Levels: $0.83, $0.74, $0.667
Spot Price: $0.846
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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