Source : newsbtc.comhttps://www.newsbtc.com/wp-content/uploads/2022/08/matic1-460x262.png
Despite showing great recovery signs from a low of $0.33 with over 80% gains in weeks, Matic price faces strong resistance at $1.
July has been good for most crypto projects, with the price of Matic surging to over 80% gains in just one month, although Matic price faces steep resistance at the $1 mark.
Matic Weekly Chart Analysis
The price of Matic moved from the low of $0.33 to a high of $1 before seeing a rejection to a region of $0.80.
Matic saw a relief bounce when it met its all-time high (ATH) of 2021; this became a good support for Matic to build more buy pressure for a good relief bounce.
From the strong support built around $0.33, Matic has been able to form weak support on the weekly chart at around $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 Price
The daily chart for Matic price still looks good after being rejected from $1, which corresponds with the 200 EMA.
Matic is holding up well above the 50 EMA, which is good support on the daily timeframe.
With trend reversal in a low timeframe, bulls could push the price high enough to break the 200 EMA resistance that has been tough to break. A successful break of the resistance at $1.02 could see the price of Matic go high as $1.3.
The volume on the daily chart suggests buyers are still holding on to their position until a complete trend reversal on a higher timeframe.
The relative strength Index (RSI) on the daily chart is at the 60 mark, which is a good sign as there is not much sell pressure on 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
The price of Matic on the 4H chart shows the price is above the 200 EMA but struggling to break past the 50 EMA acting as resistance for Matic.
Matic needs to break this resistance for bulls to push towards the $1 mark resistance that has proved difficult to break for Matic on the high timeframe.
The volume on the chart shows more buyers stepping in to buy Matic at this level; the bounce across the market for Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies could push the price of Matic high above the current price.
Matic needs to break and close above $0.88, which corresponds with the 50 EMA, to have a better chance of going higher; if Matic fails to break, then a pull back to the next support is expected.
Resistance on the 4H chart – $0.88, $1.
Support on the 4H chart – $0.776, $0.59.