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Matic price hits 2 month high, can bulls push it above $1.50 next?

Matic price hits 2 month high, can bulls push it above $1.50 next?

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Rated:110

MATIC price has shown great strength the last week as prices finally cleared the $1.20 range. This comes along with a raging crypto market as the last few months seem to have been an accumulation for prices to go higher. MATIC price still has another 100% before it touches its previous high, which has traders wondering to hold or take their profit after the last months surge. Bitcoin & Ethereum seem like they need some type of pullback on high time frames but many alts including MATIC price may have more to go before a larger pullback occurs.

Ever since the low of 62 cents was set, price has been in a very steady bullish trend. This type of price action has formed an ascending channel which will hold price in its uptrend until either trend of the channel is broken.

For MATIC price to go on another push, bulls must conquer the major resistance zone that is found at $1.40-$1.45. If this is successful, MATIC will run to new monthly highs above $1.50. A break of the top trend of the channel will send MATIC in a parabolic bull push.

MATIC Price Analysis: MATIC/USDT 4 Hour Chart

At the time of writing, MATIC is attempting to hold its minor support of $1.32. If this continues, bulls will try again at the major resistance zone stated above. In the case bears take it back under this minor support, MATIC will fall back into its major support zone of $1.19-$1.24. This can be looked at as a break & retest and would be completely fine as long as it holds. This area of support is also met with the bottom trend of the ascending channel. Anything below these two marks will be a bearish scenario & will likely land prices back to $1.10.

The MACD has been hanging out above the 0 value for nearly a week now. The MA’s have a slight bearish bias as the histogram has began ticking red along with the MA’s crossing bearish. A retest of the 0 value may be underway. The Stochastic RSI has just entered bearish territory & may stay down there for a little while. If this occurs, a retrace to the bottom trend line of the price channel will likely occur.

MATIC Intraday Analysis

Spot rate: $1.34
Trend: Bullish
Volatility: High
Support: $1.32
Resistance: $1.40

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic CoinGape

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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