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- Matic has been in a solid consolidation range between $46-$28 after crucifying at ATH of $0.55 on March 11.
- The super trend indicator has already flashed a buy signal on the 4-hour chart.
On examining MATIC on the daily chart, it is observed that it could not confirm a breakout from the ascending triangle pattern. This, by all means, suggests a clean fakeout as the price got rejected at the $46 range.
However, after being in a tight consolidation range, the price of MATIC bounced from the critical support level of $0.28. The fact that this token formed a Doji candlestick at this particular support level could stimulate the chances of an uptrend. However, entering this zone could be dangerous because of the possibility of an immediate resistance ahead at $0.38.
Can this bounce off trigger an exit from the consolidation range?
As per technical analysis on the 4-hour chart, the price of MATIC is above the FIB pivot point of $0.33. A fall below this specific level will trigger a major sell-off in the short term scenario. MANIC has to break past the retracement level at $1.76. To do so, it has to establish more support at $0.7.
MATIC is currently trading below key EMAs, which are also acting as strong resistance levels. For the time being, The 20 EMA has travelled below the 50 and 100 EMA and is relatively close to touching the 200 EMA. This EMA crossover has already declared a short signal for the short term.
Furthermore, the RSI is stable in the 45 range, indicating no trend and bearish divergence ahead. Previously it had faced rejection in the range of 65 and thereafter showing that selling pressure is slowly building.
When it comes to MACD, the MACD has travelled below the signal line, demonstrating bearishness ahead.
CONCLUSION: MATIC has been sitting in the consolidation phase for quite some time now; hence traders can expect a significant move any moment from now. On the upside, MANIC has respected the support level of $0.28, which means that this asset is poised for an uptrend.
Since the start of 2021, MATIC has seen many bullish moves which are higher than the previous ones. More so, these are followed by fluctuations and corrections right away. The bullish MATIC price prediction for MATIC in 2021 is $1.76.
SUPPORT : $0.28
RESISTANCE : $0.38, 0.42 and 0.55
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
