Despite showing great recovery signs from a low of $0.33 with over 80% gains in weeks, Matic price faces strong resistance at $1.
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.
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 are still holding on to their position until a complete trend reversal on a higher timeframe.
The relative strength Index (RSI) on the daily chart is at the 60 mark, which is a good sign as there is not much sell pressure on Matic.
If Matic cannot hold the 50 EMA as support, should there be a shift in trend to the downside, the region of $0.6 – $0.589 has been a good support area to allow buyers to drive the price upward.
Daily resistance – $1.02.
Daily support – $0.74, $0.589.
Matic Price On The 4H Chart
The volume on the chart shows more buyers stepping in to buy Matic at this level; the bounce across the market for Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies could push the price of Matic high above the current price.
Resistance on the 4H chart – $0.88, $1.
Support on the 4H chart – $0.776, $0.59.