Matic Network(MATIC) Price Analysis: Risen 600%, What’s Next?

Profit Booking Emerges, Matic Price declined 18%
  • MATIC price has zoomed by six times due to the solution it is providing for the Ethereum network. 
  • Increasing Volumes support the MATIC price, which might make the coin zoom further. 
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MATIC price has refused to show any weakness in the coin. The volumes continue to increase further, which has curved the 20-period average too. The market cap and 24-hour volume are $591,249,943 and $759,197,699 respectively. 

Profit Booking Emerges, Matic Price declined 18%

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A profit booking is spotted in today’s session, which declined MATIC by 18% and pushed the price below 71.8% Fibonacci levels. The daily candle forms a longer upper wick. the price is below 71.85% levels($0.1213). The support exists at $0.1009(61.8% Fibonacci level)

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The volume analysis suggests that volumes have gone up significantly; however, the price range analysis depicts a higher selling volume over buying volume, which raises the possibility of a halt in the rally. 

The price is still above 10EMA, 20 EMA, and 50EMA, which are at $0.063, $0.057, and $0.041, pointing to bullish momentum. A wide gap(divergence) has emerged between the price and 10EMA, which has increased the possibility of consolidation or reversals. 

The Bollinger Bands have expanded due to the rise in volatility. The upper band has restricted the price to surge beyond $0.11, causing the price to decline towards the support at the median(10EMA) at $0.063. The lower band is another strong support for the price at $0.013. 

The RSI is in the overbought territory at 90.37 levels and has shown signs of a setback as the RSI line curves downward. Due to the optimism towards the coin, 67-68 levels and 50 levels might provide strong support for the indicator. 

The MACD(8,21,5) made a divergence as the slow line refused to surge further while the signal line continued. The signal line is at 0.02, while the slow line is at 0.012. 

Conclusion – 

Concerning today’s profit-booking, there is a possibility that the coin might consolidate at or reverse from the current levels. The intraday time frame displays strong support at $0.1( 61.8% Fibonacci level), consolidating the coin. 

Support:  $0.1(61.8% fibonacci level), $0.086(50% Fibonacci level) and $0.063(10EMA)

Resistance: $0.147-$0.15 (Today’s Top) and $0.1213(71.8% Fibonacci Level)

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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