Here’s Why MATIC Coin Price May Surpass $1 In Near Future – Crypto News – Crypto News
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Here’s Why MATIC Coin Price May Surpass $1 In Near Future – Crypto News

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3 years ago

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Published 5 minutes ago

Following a bullish reversal from an ascending trendline, the MATIC coin price gave high momentum breakout from the $0.87 barrier. This resistance breakout should replenish the buying momentum and offer suitable support for buyers to resume prior recovery.

key points

  • The flattish crucial EMAs (20, 50, 100, and 200) accentuate a sideways trend.
  • An ascending trendline maintains the ongoing bullish rally in the MATIC coin price.
  • The intraday trading volume in the MATIC is $392.5 Million, indicating a 32.6% loss.

matic coin priceSource-tradingview

Amid the recent consolidation phase in the crypto market, the MATIC coin price managed to sustain above the $0.76 horizontal level and ascending trendline. The rising trendline reflects a steady uptrend and has supported the falling altcoin multiple times.

Furthermore, the bullish momentum replenished from the last reversal from this support on November 29th assisted buyers in surpassing the $0.87 barrier. The MATIC price showcased a massive breakout from the aforementioned resistance with strong volume, indicating the buyers’ confidence to reach higher.

As a result, the Polygon coin has jumped 10.5% in the past four days and currently trades at $0.91. However, the prices reverted back to retest the breached resistance. If the buyers sustain above the $0.87-$0.864 mark, the post-retest rally could drive the altcoin to the $1.03 mark.

Conversely, a daily candle closing below the support trendline will offset the bullish thesis.

Nevertheless, the CEO & Founder of Eightglobal, Michaël van de Poppe recently shared a bullish outlook for MATIC price on his Twitter handle. He accounted the coin as “showing strength recently” and indicated a potential price retest to the $1.03 mark.

Technical Indicators

EMAs: Along with $0.87 resistance, the massive green candle on November 30th breached a cluster of EMA slopes (20, 50, and 100). Thus, these reclaimed EMAs could offer additional support to bolster price recovery.

RSI: The daily-RSI jump above the neutral line highlights positive sentiment among market participants.

MATIC Coin Price Intraday Levels

  • Spot Rate: $0.91
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels- $0.965 and $1.03
  • Support levels- $0.86 and $0.76

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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