MATIC Price Hits 2 Month High, Can Bulls Push It Above $1.50 next?

Matic NetworkMatic Network
  • MATIC price has risen nearly 150% off its July low
  • The 100 MA has acted as support for almost a month now
  • Price continues to respect bullish ascending channel

Will MATIC Break $1.5?

MATIC price has shown great strength the last week as prices finally cleared the $1.20 range. This comes along with a raging crypto market as the last few months seem to have been an accumulation for prices to go higher. MATIC price still has another 100% before it touches its previous high, which has traders wondering to hold or take their profit after the last months surge. Bitcoin & Ethereum seem like they need some type of pullback on high time frames but many alts including MATIC price may have more to go before a larger pullback occurs. 

Ever since the low of 62 cents was set, price has been in a very steady bullish trend. This type of price action has formed an ascending channel which will hold price in its uptrend until either trend of the channel is broken.

For MATIC price to go on another push, bulls must conquer the major resistance zone that is found at $1.40-$1.45. If this is successful, MATIC will run to new monthly highs above $1.50. A break of the top trend of the channel will send MATIC in a parabolic bull push.

MATIC Price Analysis: MATIC/USDT 4 Hour Chart

Live Chart

TradingView Chart Snapshot
At the time of writing, MATIC is attempting to hold its minor support of $1.32. If this continues, bulls will try again at the major resistance zone stated above. In the case bears take it back under this minor support, MATIC will fall back into its major support zone of $1.19-$1.24. This can be looked at as a break & retest and would be completely fine as long as it holds. This area of support is also met with the bottom trend of the ascending channel. Anything below these two marks will be a bearish scenario & will likely land prices back to $1.10.

The MACD has been hanging out above the 0 value for nearly a week now. The MA’s have a slight bearish bias as the histogram has began ticking red along with the MA’s crossing bearish. A retest of the 0 value may be underway. The Stochastic RSI has just entered bearish territory & may stay down there for a little while. If this occurs, a retrace to the bottom trend line of the price channel will likely occur. 

MATIC Intraday Analysis

  • Spot rate: $1.34
  • Trend: Bullish
  • Volatility: High
  • Support: $1.32
  • Resistance: $1.40

The post MATIC Price Hits 2 Month High, Can Bulls Push It Above $1.50 next? appeared first on Coingape.

Publication date: 
08/13/2021 - 12:39
Author: 
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.