MATIC Price Analysis
In the daily time frame chart, the MATIC price has quietly recovered during the last three weeks. From a low of $0.5089 in June, the coin price increased by 40% to near $0.72 this month.
During this breakout, the coin price displayed a bullish breakthrough from the $0.694 horizontal barrier, which should increase market purchasing pressure. This breakout, with a suitable follow and overhead supply pressure from the downsloping trendline, may fail to precipitate a steeper decline.
Daily MATIC Price Chart
A probable reversal from the resistance trendline positions the #MATIC price for a 13.7% drop.
A phony breakout from the $0.694 resistance level could increase selling pressure among traders.
The MATIC's intraday trading volume is $289.5 million, representing a 15.5% loss.
The MATIC price fell 2.85% intraday after breaking through a downsloping resistance trendline.
Over the last four months, the price has retreated three times from this dynamic barrier, indicating that traders have been actively selling bullish rebounds, which is a critical characteristic of a long-term decline.
If the dropping price falls below the $0.678 low of the previous candle, the buyers' trading weapon will be broken, and sellers will have greater control over the trend. The anticipated slump could drive prices down 13.7% to the psychological barrier of $0.6.
Will the MATIC price reach $1?
Buyers must break over the long-term resistance trendline in order to regain trend control.
According to the #financial market's dow theory, no trade remains the same, and hence the aforementioned breakout will be the first signal of a trend change. Buyers could fuel a post-breakout rally to $0.822, then $0.947 and $1.036.
Who is bagging 💰 $MATIC ?
What's your thoughts on Matic?
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