October 5, 2022

Matic Price Analysis: MATIC Price Maintains A Steady Uptrend With A Rising Parallel Channel Pattern

2 min read

MATIC coinMATIC coin

< img width="318"height= "159" src=" https://cdn.coingape.com/wp-content/uploads/2021/12/06234945/download-1.png "class="attachment-full size-full wp-post-image" alt=" MATIC coin" design ="float: right; margin:0 0 10px 10px;"/ > The general correction in the crypto market caused the failure in MATIC coin rate to sustain near the resistance trendline of the increasing channel. Nevertheless, the recent fightback from the bulls to sustain the demand for the coin keeps the possibilities of a bullish turnaround alive. Moreover, many Venture Capital(VC) investors are aiming to purchase Ethereum scaling Polygon through an investment in between $50 million to $150 million, according to a report from TechCrunch.

Secret technical points:

  • The MATIC coin maintains an uptrend within a rising channel in the daily chart.
  • The intraday trading volume in the MATIC coin is $3.17 Billion, showing a 15% fall.

TradingView Chart< img src="https://s3.tradingview.com/snapshots/6/6OKaN8cE.png"alt="TradingView Chart"/ >

Source -MATIC/USD chart by Tradingview As the whole crypto market fell on December 4th, the MATIC coin cost had to share the same fate. The coin rate failed to sustain at the top of the increasing channel, and by acquiring strong rejection from this overhead resistance, the rate began to fall once again.

Nevertheless, rather of taking appropriate support from the bottom ascending trendline, the price displayed a number of lower price rejection candles on the midway, suggesting the extreme buying pressure in the coin.

The vital EMA level (20, 50, 100, and 200) show a strong uptrend in action with their bullish positioning. Furthermore, the Relative Strength Index( 55) displays an influential underlying bullishness managing the trend.

MATIC/USD 4-hour Time Frame Chart

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/z/zfZrm056.png"alt="TradingView Chart"/ > Source-MATIC/USD chart by Tradingview This lower time

frame chart also indicates the MATIC/USD chart forms a double bottom pattern with the support of the 200 EMA line. With this bullish pattern, the price might again retest the vibrant resistance above or perhaps an advantage breakout in favorable conditions.

The important levels for the coin on the benefit are at the $2.30 and $2.50 mark. And, on the lower side, the support levels are at 1.75 and $1.50 mark.

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