MATIC Coin Price: MATIC Looking for a Bounce After Testing Support Level Indicates the Strong Comeback of Bulls

  • MATIC price is trading near its support levels and expects a bounce for the significant targets of $0.04477 & $0.04650
  • The pair of MATIC/BTC is trading at 0.00000075 BTC with an intraday gain of +4.11%
Source:tradingview

Matic price on the 4-hour was trading near the support line and gave a bounce after testing the support of $0.02309. The coin hits the high of $0.03940 then slips to the lower levels of $0.2209, now trading at the price levels of $0.02699 with intraday loss of -3.72%. The support is placed at the price level of $0.022137 and $0.01475, similarly resistance on the higher side is placed at $0.04000. MATIC on the higher side can test the price levels of $0.04477 and $0.04650. Likewise, the short term target can be considered $0.03132. Currently, it is trading right in the accumulation zone. 

Moving Average Convergence Divergence (MACD) currently indicates a bearish trend on the short term chart as it gives a negative crossover. The significance of the selling line (black) over buying signal lines (orange) is high. However, a positive crossover is expected as both lines are heading closer to each other.

Source:tradingview
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The weekly chart of Matic is trading under the symmetrical triangle pattern and finds the baseline’s support. A breakout is observed over the chart, and the critical support is placed at $0.02137. 

Source:tradingview

Over the daily chart MATIC price is still holding the 20-EMA and 50-EMA is considered positive after the positive crossover as 20-EMA is trading above 50-EMA. 

The Relative Strength Index (RSI) indicates a bullish momentum while trading at 55.26, which is placed near overbought territory. Therefore, it can expect a short-term correction in upcoming trading sessions. 

Support levels: $0.02309 and $0.02137

Resistance levels: $0.03940 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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