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TA: Matic Price Faces Resistance To Break Above The $1 mark?

TA: Matic Price Faces Resistance To Break Above The $1 mark?


NewsBTC
2022-08-02 20:31:09
TA: Matic Price Faces Resistance To Break Above The $1 mark?

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 ar...

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