Matic saw a glorious 11% price surge this week as the cryptocurrency rises into the $0.02 level.
However, the coin must conquer the resistance at $0.20 to be able to climb back to the March highs of $0.028.
MATIC surged by a total of 11% this week as the cryptocurrency rebounded from a rising trend line and climbed back above the 100-days EMA level to reach as high as $0.0216. It rolled over from this resistance and closed beneath resistance at $0.0205 (bearish .618 Fibonacci Retracement level).
MATIC has started the recovery process from when it dropped by a total of 20% in February, however, we are still not trading back at the levels just yet. Nevertheless, when MATIC breaks and closes above $0.02 we will certainly be headed back there and possibly toward the 2020 highs.
MATIC Price Analysis
MATIC/USD – Daily CHART – SHORT TERM
Analyzing the daily chart above, we can see that MATIC dropped as low as $0.008 during the March market collapse which was caused by the Coronavirus pandemic. It quickly started to recover as it managed to break above the 100-days EMA in April at $0.015.
Over the weekend, MATIC fell from the $0.018 level and dropped back into the support at the rising trend line. This support was further bolstered by the .5 Fibonacci Retracement level at $0.0139. After rebounding, MATIC went on to break back above the 100-days EMA and surged as high as $0.0216 (1.272 Fib Extension).
Unfortunately, it dropped from this high and started to fall lower as it closed beneath the resistance at $0.20 which is provided by a bearish .618 Fibonacci Retracement level.
Short term prediction: BULLISH
MATIC is most certainly bullish right now and would have to drop beneath the rising trend line to be in danger of turning bearish.
If the sellers do push lower, the first level of strong support lies at $0.018. This is followed by support at $0.016 (100-days EMA & .382 Fib Retracement), the rising trend line, and $0.0138 (.5 Fib Retracement).
On the other side, once the bulls conquer the bearish .618 Fib Retracement $0.02, resistance is located at $0.0216 (1.272 Fib Extension), $0.0234 (1.414 Fib Extension), and $0.0243 (bearish .786 Fib Retracement)
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com