MATIC Bullish Signals Abound: Technical Indicators Hint At Sustained Uptrend
04 Maio 2024 - 3:00PM
NEWSBTC
MATIC is the native utility token of the Polygon blockchain and it
is currently ranked 18th by market cap, with a total supply of 10
billion MATIC and a total trading volume of over $204 million in
the last 24 hours. It has been moving upward since its last
rejection at a $0.6342 support level. Following the
recent bullish trend of the crypto market, MATIC has not been left
behind as the price has been on an uptrend with very strong
momentum for a while now. Since its last rejection point, MATIC has
seen a price reversal of over 10%. Technical Indicators Point
Toward Sustained Uptrend For MATIC To figure out where MATIC’s
price might be headed next, several indicators can be used to
examine the chart; 1-Day MACD: A technical look at the MACD
indicator from the 4-hour timeframe, the MACD histograms are
trending above the zero line, and both the MACD line and the Signal
line have crossed and are heading towards the MACD zero line,
indicating a bullish trend. 1-Day RSI: the formation of the
Relative Strength Index (RSI) in the above image also suggests an
upward movement as the RSI signal line is seen moving toward the
50% level. This indicates that buyers are gradually becoming active
in the market therefore overpowering the strength of sellers.
4-hour Alligator: A look at the alligator indicator from the 4-hour
time frame shows that the crypto asset is trading above the
alligator lines as the alligator lip and teeth have both
successfully crossed above the alligator jaw, suggesting that the
price might continue to move in an upward direction. Potential
Price Movement From the previous downward movement, the price of
MATIC has managed to create one major resistance level of $0.7365
and one major support level of $0.6324. Currently, MATIC is moving
toward this resistance level and if it breaks above this level, it
might go even further to test the next resistance level of
$0.7680. However, if it fails to break above this major
resistance, it will reverse and start a downward movement toward
its previous support. Also, if it manages to break below this
support level, the price might move further downward thereby
continuing on its downtrend. As of the time of writing the price of
MATIC was trading around $0.7253 and about -0.94% down in the last
24 hour Featured image from Shutterstock, chart from
Tradingview.com
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