- The MATIC token price forms a cup and handles pattern in the daily chart.
- The MATIC/BTC pair trades at 0.00003134 BTC with a rise of 2.05%.
- The 24 -hours volume of the token is $1.96 Billion, indicating a 30% hike.
The MATIC token price action showcases a cup and handle pattern formation in the daily chart. However, the recent bearish engulfing candle results in an 8% fall within a day.
The MATIC price shows a weakness in the bullish trend as the price gives a fake fallout below the crucial EMAs 20 and 50 in the daily chart. Moreover, the token price shows a rising bearish momentum; however, the pivot point indicates resistance levels at the $2.4 and $2.8 mark if the price shows a bull run. Moreover, on the flip side, the support level is at the $1.30 mark.
At the time of writing this analysis, it is around $1.67. However, it had an ATH of $2.83 in May this year. After that, it has not given a good return. It is consolidating in the range of $0.88 to $2.22.
Will The MATIC Token Price Regain Bullish Momentum?
As we have already mentioned, the MATIC Token gaining trend momentum and the rise in bearish candles indicates a strong possibility of the downfall. However, traders can wait till the price breaks above the cup and handle pattern to ride a directional move.
The RSI indicator indicates a rise for underlying bullishness as the slope sustains above the 50% mark.
Moreover, The MACD and signal lines of the Moving average convergence divergence indicator are moving above the neutral area (0.00), indicating bullish momentum for the MATIC token.
Conclusion: From a technical perspective, the MATIC token indicates a rising bearish trend, however, to catch a better directional move, the crypto traders have to wait till the price breaks out from the crucial level of $2.20.
Support – $1.50 and $1.30
Resistance – $2.20 and $2.8