MATIC has risen significantly over the last 24-hours, driving the price to close the $1000 mark. The asset has soared significantly following the upward trendline. MATIC’s bullish trendline has been maintained for the past week, bringing double-digit gains.
Altcoin is now above $0.77 support and has passed several critical resistance points. As the coin’s optimism has grown over the week, pullback possibilities cannot be denied. Bitcoin reached $22,000 recently, propelling major altcoins upward.
The altcoin’s bulls are now in control as the buyers have regained confidence in the coin. MATIC was at its highest point of overvaluation as of this writing. The technical outlook of the coin was bullish as per the 4 hour chart. It has been forming higher highs that indicate bullish strength, and the altcoin is continuing to do so. MATIC could soon return to the dollar mark, if bulls continue their price momentum.
MATIC Price Analysis: Four-hour Chart
On the hourly chart, altcoin traded at $0.903 MATIC was within striking distance of $1.00. MATIC’s momentum will keep going if the buyers continue to buy. At $1.00, the overhead resistance of MATIC was observed.
MATIC reached $0.77 at its closest support, just below the $0.68 mark. Altcoin’s upward trend (yellow line), paints a bullish picture. The MATIC volume traded has increased in the past few days, which is a sign of growing bullish power.
Technical Analysis
Assets saw increased buying momentum. These indicators were the same as the chart for the past four hours. In the recent days, the Relative Strength Index has reached the overvalued area.
At press-time, RSI was still in the overbought region. When the asset crosses the threshold of the overbought level, a pullback usually occurs. MATIC’s price was well above the 20 SMA line, which suggests that buyers are driving market price momentum.
High bullishness is indicated by a higher price than the 50-SMA, 200-SMA.
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The chart showed buy signals from altcoin, which all other indicators had taken into account. The Awesome Oscillator shows the trend direction as well as changes. AO pictured high-reaching green signal bars that indicated the currency was turning green. These were buy signals.
Parabolic SAR shows market momentum in crypto. The dots below the price signify an upward price trend. MATIC must break through $1.00 and show substantial buying power to keep its momentum. It is also vital to have broad market support.
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Featured image by Forbes.com. Chart from TradingView.com.
