MATIC had a bullish streak last week. Despite the bullish streak, it failed to break the psychological $1 level. The technical indicators on the chart remained bullish and pointed to the possibility of hitting the $1 price ceiling.
MATIC is up 22% in the last week and the coin is up 7% on the daily chart. MATIC managed to touch the $0.97 mark, however, a slight drop in purchasing power caused the altcoin to drop briefly on the chart. The buying power was positive, showing that the bullish power has not disappeared.
A pullback could bring MATIC down to $0.77. If the purchasing power remains unchanged, then the coin may try to break through the psychological price ceiling of $1. At press time, MATIC has consolidated above the $0.75 support line.
Today, the capitalization of the global cryptocurrency market amounted to $1.09 trillion. 2.6% positive changes in the last 24 hours.
MATIC Price Analysis: Four-Hour Chart
At the time of writing, the altcoin is trading at $0.87. The coin briefly touched the $0.97 mark but faced selling pressure. Upper resistance for the coin was $0.92, a move above which could cause MATIC to touch $1.
The local support for the coin was $0.77, a fall from that level would see MATIC reach $0.60. The number of MATICs sold in the last trading session is down slightly, indicating a decrease in purchasing power on the chart.
Altcoin visited the overbought zone a couple of times, however, when the coin fell in price, purchasing power fell. At the time of writing, the purchasing power remained greater than the selling power.
The Relative Strength Index was drawn above the half line, which meant there were more buyers.
The price of the altcoin was above the 20-SMA line, which meant that buyers were driving price momentum in the market. This was a sign of optimism for the altcoin.
| Bitcoin Funding Rate Remains Positive, Further Decline Soon?
The altcoin registered a slight drop in purchasing power and the technical indicator showed the same. The convergence-divergence of moving averages reflects the price momentum and its change. The MACD has undergone a bearish crossover and formed red signal bars.
These red signal bars represent a sell signal for the altcoin. The Awesome Oscillator displays the price trend and also indicates the likelihood of a reversal, the green signal bars still represent bullish power.
If the coin continues to move with the times, the purchasing power must support the coin. Wider market power will also help MATIC reach its $1 psychological target.
Suggested literature | Polygon (MATIC) appears to be set to pull back after recent rally
Featured image from The Face, chart from TradingView.com
Credit : www.newsbtc.com