-Price is attempting to break below mid term trend
-25 day MA is acting as support
MATIC had an amazing run in the first half of this year as prices rose nearly 16,000%. Since the cryptocurrency market had its 2 month correction, MATIC has been attempting to reach previous levels traded at in May. Only a few alt coins have set new ATHs since the low was recorded on July 20th. If BTC & ETH decide to breakout to the upside, we may see MATIC & other alt coins reach new all time highs. MATIC has been trading along with the majority of the market, closely following ETHs moves. Since MATIC bounced off its low on July 20th, price has been riding a ever since.
At the time of writing, MATIC is trading right above this . If bulls assert their dominance & push MATIC off this line, it may have a shot a breaking to the upside. Firstly, bulls must break & hold the major resistance found at $1.52. If this is deemed successful, MATIC will then have to battle it out at its major of $1.63-$1.72. If bulls clear both of these marks, we should see Matic trading around $2.00.
At the time of writing, MATIC is hanging out within its major of $1.38-$1.47. Price must hold this mark to have a shot at reaching its given targets. In the case that bulls fail to break & hold the important resistance marks, we should expect a break of this major . Breaking this zone will also break below the mid term that price has held for nearly 4 weeks. In addition, the 25 MA has held as support for over a month & this MA is directly in line with the mid term . If this break occurs, expect MATIC to fall into its major around $1.20.
While looking at the , we can see strength has just slowly reset to oversold conditions over the last 2 weeks. As long as strength can push back out of the oversold region & break over the 50 value, we should expect a strong revival off the current . While looking at the , we can see how it just crossed & the histogram started to tick red. If the MA’s continue down & break below the 0 value, we may see MATIC fall to the $1.20 region.
MATIC Intraday Analysis
Spot rate: $1.14