Yesterday saw Matic through a slight break in buying after rising for a week. It has resumed positive actions following an increase in volume inflow over the past hours. It looks stuck at a key resistance at the moment.

The bearish correctional phase seemed to be fading on the daily following a recent bounce over the last couple of days. 

Matic found a solid ground level last week and temporarily halted selling after shedding more than 30% loss in a month. It bounced off $0.69 and began to increase. 

After increasing consistently for a week, it took a brief break yesterday and pushed to a minor resistance of $0.83 – where it faced a rejection a few hours ago. If the buyers show strong commitment, the price may increase to $0.9 by the end of the week.

A significant increase above that level could bring the bulls back fully from a short-term perspective. However, if the latest rejection turns bearish, we can expect a fall back into the orange demand zone with a potential crackdown. 

Despite all the swing lows over the past four weeks, Matic’s bullish trajectory is still intact from a short-term perspective. The $1 level remains a key range to watch for the next bullish rally in the near term. 

MATIC Key Levels To Watch

Source: Tradingview

While Matic is facing resistance at $0.83, the next level to watch above it lies at $0.95 and $1.095. A surge above this key level could trigger more gains from a mid-term perspective. 

The main support level for drops is located at $0.74. Below it lies $0.67 (last week’s low), followed by $0.667. The lower support level to consider for drops is $0.6. If all these levels fail to contain selling pressure, $0.55 is the next support to keep in mind.

Key Resistance Levels: $0.83, $0.95, $1.095

Key Support Levels: $0.74, $0.667, $0.6

Spot Price: $0.805
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ January 31, 2024 3:27 pm