MATIC price analysis: MATIC token hits start or break point when price rests on trendline

  • The MATIC token price fell 35% yesterday with each return to the support trendline.
  • The coin’s price primarily trades significant EMAs with a breakout within the 4 hour time frame.
  • MATIC / BTC is trading at 0.0000492 BTC, an intraday decline of 4.80%.

The MATIC token price has fallen more than 35% from heights of $ 2.5. The morning star pattern made near the support trendline, in the 4 hour period, triggered the short uptrend. The price of the coin increases, increasing the possibility of a SAR breakout. The increase in buying volume with the bullish candlestick setup implies that the bulls are getting stronger and stronger. The live MATIC token price today is $ 2.01, with a 24 hour volume of $ 8,233,397,979. The bears managed to damage 4.80% of the coin price in the last 24 hours. The MATIC token is ranked 15th, with an actual market cap of $ 12,342,497,923.

The surprising uptrend of the MATIC token in a bear market

The price of the MATIC token has formed long-range candles with long tails near the support trendline in the daily picture, which involves price research and the bulls trying to push the price up. The coin’s price formed a bearish engulfing candlestick which failed due to demand near the support trendline. The recent fall in MATIC has allowed investors to buy the bottom. According to the pivot points, the support level is near $ 1.49 and the resistance level near $ 2.2 and $ 2.7.

Based on the 4 hour time frame, the coin’s price is trading above the 50 (yellow) and 200 (white) EMAs, indicating an uptrend. Additionally, the upward slope supports bullish sentiment.

The RSI (slightly bullish) indicates slightly bullish momentum while trading at 55. The RSI line is peaking and is now heading deeper into the overbought zone, and the RSI can be expected to decline as it could rebound from from 62.

The ADX indicates a downtrend momentum after the recent end of the downtrend, and it is trading at 33 as the slope of the ADX is down and moving lower.

Conclusion: The MATIC token price has found demand near the support trendline with the bullish candlestick pattern, this has resumed the bullish trend, and the bulls are welcoming this opportunity with both hands. Coin prices could climb to hit the $ 2.7 mark again, but the general bearish sentiment in the market is hard to tell.

Support – $ 1.49

Resistance – $ 2.2 and $ 2.7

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