MATIC Technical Analysis: May Soon Breakout of the Third Resistance Level of $2.36
Matic Network/Polygon is an open-source protocol that imparts high scalability to the Ethereum blockchain. It uses PoS-based sidechains and Plasma technology to facilitate speedy and highly secure transactions on Ethereum. It also provides a robust platform for the development of innovative decentralized apps. MATIC is the customized token of this network and the technical analysis is as follows:
On May 19, 2021, MATIC opened at $2.45. On May 25, 2021, MATIC closed at $1.93. Thus, in the past week, the MATIC price has decreased by roughly 21%. In the last 24 hours, MATIC has traded between $1.83-$2.19.
Day-Ahead and Tomorrow
Currently, MATIC is trading at $2.17. The price has increased from the day’s opening price of $1.93. Thus, the market seems to be bullish.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to go up further.
Besides, the OBV indicator is steadily rising too. Hence, buying volumes are higher than selling volumes. Thus, like the MACD oscillator, the OBV indicator is also showing bullish signals.
However, the RSI indicator is painting a different picture. Currently, the RSI indicator is at 55%. It faced rejection at 60% and fell to the current level. Thus, selling pressures are gradually mounting. High selling activity will exert downward pressure on the MATIC price.
In a nutshell, when we look at all three oscillators together, we can say that the price is poised to rise further, but intermittent price pullbacks cannot be ruled out.
MATIC Technical Analysis
Currently, the price has broken out of the second Fibonacci pivot resistance level of $2.21. It may soon break out of the third resistance level of $2.36.
Presently, the price has tested and broken out of the 23.6% FIB retracement level of $2.14. It may soon surpass the 23.6% FIB extension level of $2.34 as well. Thus, the price uptrend is strong and is expected to continue today and tomorrow.
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