MATIC Rises Again, Will It Target The Psychological Level Of $1?
25 Juli 2022 - 3:00AM
NEWSBTC
MATIC has been on a bullish streak over the past week now. Despite
the bullish streak, it hasn’t been able to move past the $1
psychological level. Technical indicators have remained bullish on
the chart and pointed towards chances of reaching the $1 price
ceiling. Over the last week, MATIC surged 22% and on the daily
chart the coin moved up by 7%. MATIC had managed to touch the $0.97
mark however a small fall in buying strength caused the altcoin to
fall on the chart briefly. Buying strength was positive displaying
that bullish strength hadn’t faded away. A pullback can bring MATIC
down to the $0.77 level. If buying strength remains consistent,
then the coin can attempt to break above the psychological price
ceiling of $1. At press time, MATIC had secured itself above the
$0.75 support line. The global cryptocurrency market cap today was
at $1.09 Trillion, a 2.6% positive change in the last 24 hours.
MATIC Price Analysis: Four Hour Chart The altcoin was trading at
$0.87 at the time of writing. The coin had briefly touched the
$0.97 mark but was met with selling pressure. Overhead resistance
for the coin stood at $0.92, a move above which could force MATIC
to touch the $1. Local support for the coin stood at $0.77, fall
from that level will cause MATIC to reach $0.60. The amount of
MATIC traded over the last trading session fell slightly which
indicated that buying strength fell on the chart. The altcoin had
visited the overbought zone a couple of times, however as the coin
fell in value buying strength dipped. At the time of writing,
buying strength remained more than selling strength. The Relative
Strength Index was pictured above the half-line which meant that
buyers were more in number. Price of the altcoin was above the
20-SMA line which meant that the buyers drove the price momentum in
the market. This was a sign of bullishness for the altcoin. Related
Reading | Bitcoin Funding Rate Remains Positive, More Decline Soon?
The altcoin registered a small dip in buying strength and the
technical indicator displayed the same. The Moving Average
Convergence Divergence depicts the price momentum and change in
that. MACD underwent a bearish crossover and formed red signal
bars. These red signal bars represent sell signal for the altcoin.
Awesome Oscillator portrays the price trend and also points towards
chances of a reversal, the green signal bars still represent
bullish strength. If the coin continues to keep up with the pace
then buying strength has to support the coin. Broader market
strength shall also help MATIC to achieve its psychological target
of $1. Suggested Reading | Polygon (MATIC) Looks Set For A
Retracement After Recent Gains Featured image from The Face, chart
from TradingView.com
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