Published 12 seconds ago
On June 10th, the MATIC price witnessed an intense sell-off and printed a long-red candle in the daily time frame chart. With this sell-off, the coin price breached yearly support of $0.687 and reached a low of $0.518. While the support breakdown reflected aggressive selling pressure in the market, the buyers defending the $0.518 level indicates, the coin price is less likely to breach this support in the near future.
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MATIC Price Daily Chart
- The MATIC price is like to witness a bullish upswing to $0.75
- A downsloping resistance trendline carries the current downtrend
- The intraday trading volume in the MATIC is $364.5 Million, indicating an 8.67% gain.
Source-Tradingview
The recent rebound from the $0.518 level indicates a period of accumulation as buyers seize the opportunity to acquire their favorite altcoins at discounted prices. As a result, the MATIC price surged by 28% gain and reached the current trading value of the $0.663 mark.
However, this reversal does not confirm a considerable recovery but can offer a temporary bounce in the current downtrend. With sustained buying, the altcoin could breach the $0.687 local resistance and surge to the $0.75 psychological barrier.
The above resistance aligned with a long-coming resistance which could recuperate the selling pressure and resume the prevailing downtrend.
Will MATIC Price Revisit $0.518?
The consecutive three-day rally in MATIC price is accompanied by a decreasing volume, raising concerns about the commitment behind a sustained recovery. This bullish upswing may rechallenge the overhead trend in the near future, but any reversal sign from it plunges the price back to $0.518.
- Average Directional Index: A high value of ADX(38) slope reflects the instability of the current downtrend.
- Bollinger Band: The bands of the Bollinger Band indicator challenged on the downside indicate underlying selling momentum is still high.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
