- MATIC’s price remains strong despite price facing rejection from a high of $0.8 as the price holds above the key support area.
- MATIC moves out of the descending triangle. The price appears strong, despite Bitcoin (BTC), which is dragging down market prices.
- MATIC prices trade higher than key support at $0.77. The MATIC price is trading above 200 Exponential Moving Averages, (EMA), on a daily basis.
After breaking out from its downward triangle, Polygon’s MATIC price is holding strong and has assumed a bullish movement against USDT (tether). However, BTC remains within its range which means that most of the crypto assets are falling. Although there were some signs that the crypto market was rallying, it has continued to fluctuate despite many people expecting an Uptober. A few exceptions, like Polygon(MATIC), have seen the crypto market remain quiet. Other assets such as Bitcoin (BTC), Ethereum [ETH], and others are still dormant. (Data from Binance).
Polygon (MATIC), Analysis of the Weekly Chart
Many projects did not fare well in the bear markets. Some experienced more than 50% declines. This discouraged investors and traders from building up these assets.
With Bitcoin’s dominance (BTC.D) rising and the price of BTC moving in a range, this has affected most crypto projects, including the price of MATIC, as the price has shown less aggression after breaking out from its descending triangle. BTC.D is trying to regain its rally over the 43% mark. This would affect altcoins and stop other coins, such as MATIC, from rallying.
MATIC prices rallied up to $1. However, they faced resistance from trending higher to $1.5 because the resistance at $1 was not broken despite a rally of 0.03 per week.
MATIC’s price retraced back to $0.77. This price provided strong support for a rally to $1. Bulls remain in control. If MATIC prices above 0.77 support we may see further rallies by MATIC.
Weekly resistance for the price of MATIC – $1.
Weekly support for the price of MATIC – $0.77.
Analyse of Price for MATIC On the Daily (1D) Chart
MATIC’s daily price has been resilient as it continues to maintain and sustain bullish strength following a breakout from the descending triangle.
MATIC’s price failed to break above $1, but it has shown strength, holding above its key support as this would be the basis for more rallies.
If MATIC’s price breaks below $0.77, we could see bears taking over the price of MATIC.
Daily resistance for the MATIC price – $1.
Daily support for the MATIC price – $0.77-$0.7.
CPO Magazine, Charts from Tradingview Featured Image