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- MATIC token price boosted more than 50% in the last two weeks, makes a 52 weeks high of $0.98
- The coin price is trading above all significant EMAs with a breakout in the daily timeframe.
- The MATIC/BTC pair is trading at 0.00001604, an intraday boost of +26.64%
MATIC token price increased more than 150% to create the new 52 weeks high of $0.98. The large-bodied green candlestick led to the breakout of the flag pattern in the daily timeframe. The coin price is moving up with higher highs, increasing the possibility of hitting the $1 mark. The increased buying volume with long-bodied candlesticks does imply that bulls are more powerful in the daily picture. Today’s live MATIC token price is $0.929970 with a 24-hour trading volume of $2,056,586,605. The coin is up 23.71% in the last 24 hours. The current ranking of the coin is #38 as per the market cap, with a live market cap of $4,825,044,488.
New All-time High after the pullback
Polygon (Matic) partners with Cryption.Network
It will enable users to use diverse DeFi products on the Ethereum main net launched on Matic chain’s Later two abstracting all interactions. Users will carry a considerable advantage of using our solutions and products without migrating to Matic.
Retail investors will get better usability, accessibility, and user experience. The inclusion of cryptocurrencies in real-world applications will be increased. This partnership will also enable innovators and developers to participate in open innovation from anywhere globally with no congestion and lower fees than those of major blockchains of today.
MATIC token price has been narrowing inside the flag pattern before giving a breakout due to the recent burst of buying pressure. According to the pivot points, the coin might face resistance near $1 and $1.15. And on the downside of the chart, the levels of $0.75 and $0.65 provide support. The volumes are on the lower side compared to the previous bull run, but it might just be enough to hit the minimum. Investors may want to wait as the supply dump can be observed as the price closes in on the $1 mark.
As per the 4-hour timeframe, the coin price is trading above the 50 (yellow) and 200 (white) EMA, which indicates an uptrend. Also, the upward moving slope does support the bullish sentiment. However, a pullback could be expected close to 20 (red) EMA in the 4-hour timeframe.
The RSI (slightly bullish) indicates slightly bullish momentum while trading at 68. The RSI line is spiked and is now heading more deep into the overbought zone. Bearishness can be expected from RSI as it might rebound soon.
The ADX indicates a fast-growing trend momentum after the recent breakout, and it is trading at 24 while the slope in ADX is spiked and ready to move higher.
Conclusion
MATIC token price did perform a breakout but is expected to pull back close to 20 EMA. Investors may find this an excellent opportunity to ride the trend after the pullback completion. Investors may also find the breakout of the parabolic SAR as a suitable entry position for long side trade.
Support- $0.75 and $0.65
Resistance-$1 and $1.15
Vishal
