- MATIC Token price action makes a bullish engulfing candlestick in the daily chart.
- The intraday trading volume is $3.47 Billion, an increase of 475%.
- The pair of MATIC/BTC is trading at 0.00002548 BTC with an intraday gain of +15.23%.
Due to the recent price jump, the MATIC coin price approaches the solid resistance zone near the $1.65 mark. Furthermore, the coin price action forms a substantial bullish engulfing candlestick in the daily chart.
Moreover, the volume is increasing phenomenally in the daily chart compared to the last few months. Additionally, the breakout of $1.65 should bring more buyers.
The MATIC Token price trades at $1.51, increasing 18.34% in market capitalization over the past 24 hours. Furthermore, the intraday trading volume has increased by 475% in the past day, indicating a boom of buyers.
MATIC Token In The 1-Hour Chart
MATIC token price action indicates a higher price rejection in the daily chart. It is due to the long wick formation. However, upon the closer analysis in the 1-hour chart, we can observe that the fall has significantly less volume than the bull run.
As per pivot points analysis, the resistance levels for the token after the $1.65 mark reside at the $2.00 mark. However, if the price takes a bearish reversal, sellers may find opposition at $1.30 or $1.00.
In a bullish structure, the daily technical Chart’s EMAs rise in a bullish structure. As a result, it can protect prices from a bearish attack. Dips below the 20-period EMA can also be used as entry points.
When the slope rises to overbought territory, the RSI indicator predicts a surge in underlying bullishness.
The ADX indicator shows a rising trend, which means there is a lot of momentum.
Signal lines and MACD are moving higher than the neutral area on the daily chart, according to MACD indicators. As a result, the token price is showing bullish momentum.
Conclusion – MATIC Coin’s upcoming trend is extremely bullish from a technical standpoint. The weekly and daily charts both show a positive outlook, as well as an incredible surge in trading volume. As a result, the price may soon surpass $2.00.
Support – $1.30 or $1.00
Resistance – $1.65 and $2.00