Matic’s bull appears a bit weak today after witnessing a small growth in the last couple of days. However, the trend is still looking bearish daily while it ranges above a six-month broadening wedge’s support.

Since last month, Matic has been finding it difficult to regain momentum as the price remained trapped under $0.8. Although the crypto has found support above the $0.6 level but there’s not enough volume inflow to bring the market out of the wood.

Looking at the market structure, which looks more like an accumulation phase on the daily chart, the price is likely to explode soon. Where will it go next is yet unknown. But considering the last 72-hour surge that brought some recovery in the market, we can say the bulls are in control.

However, this recovery is not significant enough to validate a shift in the market structure as the price continues to trade in a tight range daily.

The key indicator to pay attention to for bullish lies in the broadening wedge pattern, which has been forming since last November. As shown on the daily chart, Matic is ranging at the wedge’s lower boundary.

A surge above $0.8 should validate an upward shift in the trend. And if that happens, we can expect a rally to the upper boundary of the wedge in the coming months. The only condition for bearish right now lies in a breakdown of this wedge. 

Matic’s Key Levels To Watch

Source: Tradingview

While surging towards last week’s $0.77 resistance, higher levels to watch for an increase is $0.853, followed by the $0.95 resistance.

The current surge is supported by the weekly $0.645 support. A crack below this level could dip the price to $0.60 and potentially $0.55.

Key Resistance Levels: $0.77, $0.853, $0.95

Key Support Levels: $0.645, $0.60, $0.55

Spot Price: $0.713
Trend: Bearish
Volatility: Low

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: benedak/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ May 19, 2024 3:36 am