MATIC Price Today: Polygon (MATIC) Price Up Nearly 20%, Will MATIC Cross $1 this time?

Matic NetworkMatic Network
  • MATIC price is up nearly 20% in the last day
  • MATIC Price bounced heavy off major support of $0.68
  • 100MA is acting as resistance

MATIC Price Overview

Polygon (MATIC) experienced a hard bounce off support the last 2 days. Prices feel nearly -50% since the start of July as the cryptocurrency market failed to gain its footing. MATIC had a mind blowing run the last 6 months as it nearly outpaced all of its competitors. MATIC brings a great solution to the cryptocurrency market as it provides technology for scaling the Ethereum network. Once the market begins a strong uptrend, MATIC will surely be back to strong upward pushes.

MATIC Price has been stuck within a descending channel for nearly 2 months. Each time MATIC hits either trend, it has been fiercely rejected. Bulls must push MATIC past its long term trend shown in black and hold its major resistance mark of $0.934.

If this is deemed successful bulls must then clear the top trend of its descending channel formation. MATIC will then be free for a large spike back above $1.00.

MATIC Price Analysis: MATIC/USDT 4 Hour Chart

At the time of writing, MATIC continues to be rejected off its major resistance of $0.93. Along with this resistance lies the 100 MA. This has held price down for nearly 2 weeks. If bulls fail to clear over this MA, price will likely retrace to its major support zone. This support zone lies at $0.79-$0.84 and has held MATIC in the past. A break below this zone will be a bearish scenario that will land prices back under $0.70.

While looking at the relative strength index, we can see that RSI has recently broken a near two week trend line. Strength must quickly push to overbought territory to save MATIC from a short term pullback. The Stochastic RSI has been flat lined in the overbought territory which may indicate a short term pullback is coming. 

MATIC intraday levels 

  • Spot rate: $0.893
  • Trend: Bullish
  • Volatility: Medium
  • Support: $0.84
  • Resistance: $0.93

The post MATIC Price Today: Polygon (MATIC) Price Up Nearly 20%, Will MATIC Cross $1 this time? appeared first on Coingape.

Publication date: 
07/23/2021 - 09:02
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.