Matic prices are facing strong resistance at $1 despite showing remarkable recovery from $0.33, with more than 80% gains within weeks.
Matic’s price has experienced a strong July. It rose to more than 80% gains within a month. But Matic prices are still very much under pressure at $1.
Matic Weekly Chart Analysis
Matic’s price fluctuated between $0.33 and $1, before being rejected to $0.80.
Matic experienced a relief bounce after it reached its 2021 all-time high (ATH); this was a great support to Matic in building more buy pressure and a strong relief bounce.
Matic is able form strong support from $0.33 to $0.589.
A pull back on the weekly price of Matic would see us retesting the support region of $0.6 – $0.58.
Major resistance on the weekly chart – $1
Major support on the weekly chart – $0.6, $0.35
Daily Analysis of Matic Prices
The Matic price chart is still good despite being rejected by $1. It corresponds to 200 EMA.
Matic’s performance is well above the 50 EMA which provides good support for daily times.
If bulls can reverse the trend in a short timeframe, they could drive the price higher enough to break 200 EMA resistance. This has been a difficult obstacle to crack. Matic’s price could soar to $1.03 after a successful breakout of resistance at $1.02.
Volume on the daily charts suggests that buyers have not given up on their positions until there is a trend change in a longer timeframe.
The daily chart shows that the relative strength Index is 60, which indicates there’s not much buy pressure for Matic.
If Matic cannot hold the 50 EMA as support, should there be a shift in trend to the downside, the region of $0.6 – $0.589 has been a good support area to allow buyers to drive the price upward.
Daily resistance – $1.02.
Daily support – $0.74, $0.589.
Matic Price on The 4H Chart
Matic’s price on the 4H chart is at the 200 EMA, but it struggles to surpass the resistance of 50 EMA.
Matic has to smash this resistance to bulls in order to push toward the $1 mark resistance, which is difficult to break on the long-term.
This chart displays that there are more buyers buying Matic at this price; it could be due to the rebound in Bitcoin (BTC), Ethereum, (ETH) or other cryptocurrencies.
Matic must break above $0.88 to be in a position to go higher. If Matic does not break then a pullback to the next support can be expected.
Resistance on the 4H chart – $0.88, $1.
Support on the 4H chart – $0.776, $0.59.