Will $MATIC Price Reclaim $1 in July? – Crypto News – Crypto News
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Will $MATIC Price Reclaim $1 in July? – Crypto News

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3 years ago

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Published 10 minutes ago

MATIC Price Analysis: Over the past three weeks, the matic price has shown a silent recovery in the daily time frame chart. From the June low of $0.5089, the coin price surged 40% to reach this month’s high near $0.72. Amid this breakout, the coin price showed a bullish breakout from the $0.694 horizontal resistance, which should boost the buying pressure in the market. However, with a suitable follow and overhead supply pressure from the downsloping trendline, this breakout may fail to trigger a steeper fall.

Also Read: Polygon 2.0 Architecture Unveiled, MATIC Price Surges by 5.6%

MATIC Price Daily Chart

  • A potential reversal from the resistance trendline sets the MATIC price for a potential fall of 13.7%.
  • A fake breakout from the $0.694 resistance may accelerate selling pressure among traders.
  • The intraday trading volume in the MATIC is $289.5 Million, indicating a 15.5% loss.

MATIC Price AnalysisSource-tradingview

With an intraday loss of 2.85%, the MATIC price turned down from a downsloping resistance trendline. Over the past four months, the price has revered thrice from this dynamic resistance, indicating the traders have been actively selling bullish bounces which is a key trait of a sustained downtrend.

Therefore, a reversal from this trendline can be an early sign of significant downfall. Currently, the Polygon coin trades at $0.693 and has plunged below the recently reclaimed support of $0.694.

If the falling price closes below the $0.678 low of yesterday’s candle, the buyers’ weapon to trade will break and sellers will have higher command over the trend. The potential downfall could tumble the price 13.7% lower to hit the $0.6 psychological barrier.

Will MATIC Price Reach To $1 Mark?

For buyers to regain trend control, it needs to breach the long-coming resistance trendline. As per the Dow theory of the financial market, no trade remains the same, and therefore, the aforementioned breakout will be the first signal of a trend change. The buyers could drive a post-breakout rally to $0.822, followed by $0.947 and $1.036.

  • Average Directional Movement Index: The falling ADX slope also reflects the weakening of bearish momentum.
  • Exponential Moving Average: IF the falling prices breached the 20-day Ema slope the short-sellers will gain an extra edge.

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. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. 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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