MATIC is on a bullish streak for the last week. Despite the bullish streak, it hasn’t been able to move past the $1 psychological level. The technical indicators remain bullish and point towards the possibility of hitting the $1 price ceiling.
MATIC jumped 22% over the past week and the daily chart saw the coin rise by 7%. MATIC was close to the $0.97 mark, but a slight drop in buying power caused it to briefly fall. Buying strength was positive displaying that bullish strength hadn’t faded away.
MATIC can be pulled back to $0.77. The psychological price ceiling at $1 can be broken if the buying power remains constant. MATIC was at the $0.75 support level as of press time.
Today’s global crypto market capital was $1.09 Trillion. 2.6%Positive changes in the past 24 hours
MATIC Price Analysis: Four-hour Chart
Altcoin trades at $0.87 as of the writing. The altcoin briefly touched $0.97 but it was then met with selling pressure. The coin’s overhead resistance was $0.92. A move higher than that could lead MATIC to reach the $1.
MATIC was supported locally at $0.77. A fall below that level could cause MATIC’s price to drop to $0.60. MATIC trade volume in the most recent trading session decreased slightly, which suggests that buyers have lost their purchasing power.
While the altcoin has been in the overbought region a few times before, the price of the coin dropped and its purchasing power plummeted. The buying power of altcoin was still higher than its selling strength at the time this article was written.
It was shown above the halfway line, which indicated that there were more buyers.
Altcoin prices were above the 20 SMA line, which means that market buyers drove price momentum. This is a signal of bullishness in the altcoin.
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While the altcoin experienced a modest dip in purchasing strength, the technical indicator also showed this. Moving Average Convergence Divergence represents the price momentum. MACD was subject to a bearish cross-over and created red signal bars.
The red signals bars are a sell signal for altcoin. Awesome Oscillator depicts price trends and points to potential reversals. The green signal bars represent bullish strength.
If the price of the coin keeps up the same pace, buying power must be there to help it. MATIC’s psychological goal of $1 will be helped by a wider market.
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