MATIC Logs Double Digit Gains, What Could Be The New Targets?
July 18 2022 - 9:00PM
NEWSBTC
MATIC propelled significantly over the last 24 hours driving price
of the asset close to the dollar mark. It has followed the path of
an upward trendline and soared substantially. MATIC has continued
its bullish price trajectory since a week and the asset brought
double-digit gains. The altcoin has broken past several crucial
resistance marks and now stands above the $0.77 support line.
Pullback chances cannot be ruled out as the coin has been quite
optimistic in the last week. Bitcoin recently touched the $22,000
level pushing major altcoins in the upward direction. The altcoin’s
bulls are now in control as the buyers have regained confidence in
the coin. MATIC was overvalued at the time of writing. Technical
outlook for the coin remained bullish on the four hour chart. The
altcoin has continued to form higher highs which are an indication
of bullish strength on the chart. If the bulls keep up the present
price momentum, MATIC will soon revisit the dollar mark. MATIC
Price Analysis: Four Hour Chart The altcoin was trading at $0.903
on the four hour chart. MATIC was very close to revisiting $1.00.
If buyers keep up the momentum, MATIC will continue to soar
upwards. Overhead resistance for the coin stood at $1.00. In case
of a pullback, the closest support level for MATIC was at $0.77,
below which stood the $0.68 mark. The altcoin has maintained an
upward trajectory (yellow line) painting bullish picture on the
chart. Amount of MATIC traded increased over the last few days and
that is indicative of mounting bullish strength. Technical Analysis
With increased buying momentum, the asset registered surplus buying
strength. The indicators depicted the same on the four hour chart.
The Relative Strength Index over the past few days have visited the
overvalued zone. At press time, RSI was in the overbought zone.
Usually a pullback occurs when the asset visits the overbought
zone. The price of MATIC was also way above the 20-SMA line which
is suggestive of buyers driving the price momentum in the market.
Price above the 50-SMA and 200-SMA is considered to be sign of
heavy bullishness. Related Reading | Bitcoin Breaks Above Realized
Price Again, Bottom Finally In? The altcoin flashed buy signals on
the chart which the other indicators have taken into account.
Awesome Oscillator indicates the price direction and changes in
trends. AO pictured tall green signal bars as the coin turned green
which were also buy signals. Parabolic SAR depicts market momentum
of a crypto, dots below the price always indicates upward price
momentum. For MATIC to maintain the momentum, the coin has to cut
through the $1.00 mark and maintain substantial buying strength.
Broader market support also remains vital. Related Reading |
Liquidations Cross $230 Million As Ethereum Barrels Past $1,400
Featured image from Forbes.com, chart from TradingView.com
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