Has the MATIC Price Correction Trend Bottomed at $0.5?

Has the MATIC Price Correction Trend Bottomed at $0.5?

Overhead supply hints the MATIC price could prolong a sideways trend in coming trading days; should you keep holding?

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In the midst of September’s tumultuous market swings, the MATIC price has notably demonstrated resilience, especially around the pivotal $0.5 support region. The coin has found strong buying interest here, bouncing back twice and underscoring the area’s significance as a hotbed for accumulation. Spurred by these rebounds, the coin price witnessed a 13.5% surge within a fortnight, currently trading around $0.56. But does this rally have enough vigor to propel it past the $0.6 mark?

Also Read: Polygon Co-Founder Steps Aside, Stays Committed ‘From the Sidelines’

Will MATIC Price Recovery Hit $0.6?

  • A potential breakout from the resistance trendline could push the 12-20%
  • The $0.5 psychological level stands as a strong support zone for crypto buyers
  • The intraday trading volume of the MATIC coin is $275.9 Million, showing a 9.56% gain.

TradingView ChartSource- Tradingview

The recent crypto downturn hasn’t spared MATIC, as the price is contending with mounting selling pressure near the $0.6 threshold. Over the past week, the bulls’ twin assaults on this mark have been repelled, evidenced by two pronounced price rejection candles on the daily timeframe. 

Compounding this resistance is the convergence of the $0.6 zone with a downward-sloping trendline that’s held its ground for half a year, having previously thwarted the buyers;s ascents twice. At the moment, the polygon coin price is hovering around $0.5, notching a modest 1.21% gain intraday. 

If the trendline continues to suppress price action, we could see the coin price oscillate between it and the foundational $0.5 support. A genuine recovery would necessitate a convincing breach of this trendline, with a daily candle’s close above it. 

Such a move could pave the way for a rally targeting the $0.63 mark.

MATIC vs BTC Performance

MATIC Vs BTCSource: Coingape| Polygon Vs MATIC Price

In a comparative analysis, The Bitcoin price performance over the past six months appears considerably more stable than that of Polygon (MATIC), the world’s 12th-largest cryptocurrency. The consistent pattern of higher lows and lower highs indicates a prevailing downtrend, casting uncertainty over the asset’s potential as an investment.

  • Bollinger band. An uptick in the upper band of the Bollinger band indicator reflects the bullish momentum is still active. 
  • Moving Averages Convergence Divergence. The rising MACD(blue) and signal(orange) slope reflects the buyer’s attempt to prolong the recovery trend.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.


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