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MATIC Technical Analysis: Price Decreased From the Day’s Opening Price of $1.59

source-logo  cryptoknowmics.com 16 June 2021 09:19, UTC

Polygon (previously known as MATIC) supports building up multiple types of applications on its core component called Polygon SDK. With the help of Polygon, Ethereum can be transformed into a full-fledged multi-chain system. The following MATIC technical analysis will predict the price trends for the next few days:

Price Analysis

On June 9, 2021, MATIC opened at $1.48. On June 15, 2021, MATIC closed at $1.63. Thus, in the past week, the MATIC price has increased by approximately 10.6%. In the last 24 hours, MATIC has traded between $1.56-$1.71.



Day Ahead And Tomorrow

Currently, MATIC is trading at $1.62 The price has decreased from the day’s opening price of $1.59. Thus, indicating some profit booking at high levels.

The MACD and signal lines are in the positive zone. Moreover, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may rise further.

Currently, the RSI indicator is at 52.45%. It faced rejection at 40.56% and rose to this level. Thus, buying pressures are slowly mounting for MATIC. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

On the daily chart, the OBV indicator is trending upward. Thus, buying volumes are higher than selling volumes. Therefore, High buying activity will increase the MATIC price.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

MATIC Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $1.76. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $1.55, $1.35, and $1.09, respectively.

The price is trading below the 38.2% FIB retracement level of $1.76. It may soon fall below the FIB retracement level of $1.5. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

However, on the upside, if the resistance of level $1.76 is broken, it will highlight the next resistance at $2.06. That can be kept as the target for the long call.