Despite great signs of recovery from a low of $0.33 with gains of over 80% in weeks, Matic price is facing strong resistance at $1.
July was good for most crypto projectswith Matic price hitting over 80% gains in just one month, although Matic price is facing strong resistance at the $1 mark.
Matic Weekly Chart Analysis
Matic price moved from the $0.33 low to the $1 high before seeing a rejection in the $0.80 region.
Matic saw a rebound of relief when it hit its all-time high (ATH) of 2021; this became good support for Matic to create more buying pressure for a nice relief bounce.
From the strong support built around $0.33, Matic was able to form weak support on the weekly chart at around $0.589.
A pullback in Matic’s weekly price would lead us to retest the $0.6-$0.58 support region.
Major resistance on the weekly chart – $1
Major support on the weekly chart – $0.6, $0.35
Daily Matic Price Analysis
The daily chart for Matic price still looks good after being rejected from $1, which is the 200 EMA.
Matic is holding well above the 50 EMA, which is good support on the daily timeframe.
With a trend reversal in a short period of time, the bulls could push the price high enough to break the 200 EMA resistance which was hard to break. A successful break of the resistance at $1.02 could see the price of Matic rise to $1.3.
The volume on the daily chart suggests that the buyers will hold their position until there is a full reversal of the trend over a longer time frame.
The Relative Strength Index (RSI) on the daily chart is at the 60 mark, which is a good sign as there is not much selling pressure on Matic.
If Matic cannot hold the 50 EMA as support, should the trend change to the downside, the $0.6-$0.589 region has been a good support zone for buyers to push the price higher.
Daily Resistance – $1.02.
Daily support – $0.74, $0.589.
Matic price on the 4H chart
Matic’s price on the 4H chart shows that the price is above the 200 EMA but is struggling to break above the 50 EMA acting as resistance for Matic.
Matic needs to break this resistance for the bulls to push towards the $1 resistance which proved difficult for Matic to break on the high.
The volume on the chart shows that more buyers are stepping in to buy Matic at this level; the market rebound in Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies may push Matic’s price above the current price.
Matic needs to break and close above $0.88, which is the 50 EMA, to have a better chance of going higher; if Matic fails to break, a return to the next support is expected.
Resistance on the 4H chart – $0.88, $1.
Support on the 4H chart – $0.776, $0.59.