MATIC price has witnessed a rally as the coin almost appreciated by 7% over the last 24 hours. MATIC (Polygon) had been trying hard to move past its immediate trading session for a while, and now it has finally been able to do that.
It is, however, too early to call this a trend change.
The bulls have to trade above the current price mark in order to move past the $0.90 price ceiling. A move above the $0.93 mark will further strengthen the bulls in the market.
The technical outlook of MATIC has moved from bearish territory to a bullish one.
Buyers have taken over the market, as seen in the indicators. If consistent buying strength is present, then a rally to the $0.93 level can be possible.
In case buyers fade over the next trading sessions, MATIC price can slump considerably and trade around the $0.70 price mark. If demand remains high, the trip to the $1 cannot be completely ruled out.
MATIC Price Analysis: One-Day Chart
Polygon (MATIC) was trading at $0.86 at press time. After weeks of consolidation, the bulls finally managed to push the price of the asset north.
MATIC’s immediate resistance stood at $0.90. If demand remains consistent, the MATIC price may test the aforementioned price level in the coming trading sessions.
Once the asset reaches the $0.90 mark, its next stop could be at $0.93.
Only if MATIC is able to break past the $0.90 level could the bulls aim for $1 as well. A trend reversal can happen if MATIC moves past the overhead price ceiling.
On the other hand, a fall from the current price mark will bring MATIC down to $0.77. This level would again strengthen the bears.
The amount of MATIC traded fell in the last session, pointing towards a fall in selling pressure.
Technical Analysis
The 7% appreciation over the last 24 hours brought back buyers into the market, as seen in the technical indicators.
The Relative Strength Index shot up from beneath the half-line and was above the 60-mark, which is considered bullish as buyers dominate the market.
MATIC price was also above the 20-SMA line, indicating that there was an increase in demand for the coin. MATIC above the 20-SMA meant that buyers were driving the price momentum in the market.
The asset…
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