MATIC Technical Analysis: How Far Has the Price Gone?
Table of contents
On the one hand, after breaking such a long-term consolidation, the prospects for continued growth are always enormous. But, does MATIC expect such success? If we carefully analyze the wave structure of MATIC price growth from July 2021, we see that the active actions of buyers are absent. Of course, all this took place within the framework of consolidation and the analysis of trading volumes during this period was not effective. Although, over the last 4 weeks, the price has gone out of consolidation, but the situation has not changed.
The critical point for the MATIC market is the $3 mark. If buyers can easily pass this mark, we will see a new powerful impulse of the MATIC price. However, there is a high probability of rebounding from this mark and re-testing the mark of $1.9. It is after such a test that you can safely buy MATIC in the long run.
Technical Analysis of MATIC in the Daily Timeframe
Analyzing the situation on the MATIC market in a daily timeframe, we see that sellers still tried to take control of the $1.9 mark. In the period from 4 to 14 December, the chart shows increased trading volumes during the price fall. But, buyers successfully redeemed the entire offer of sellers and withstood this mark with dignity. After this struggle, a new growth wave occurs at low volumes. Though, it should be understood that in the range of $3 you can expect a powerful blow from MATIC sellers. Therefore, it is necessary to fix a part of the positions in this range.
The MATICBTC Price Reaches the Sale Zone
The MATICBTC price chart also tells us about the caution in the MATIC market. As we can see, the price is just reaching the place where the last price reversal took place in May 2021. The success of the growing trend of buyers is now in great question. Moreover, in the medium term, we are not sure about the continuation of growth.