Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

MATIC’s Price Rests on a Positive Trend Line and Could Drop Soon

Published 05/27/2023, 05:48 AM
Updated 05/27/2023, 06:00 AM
MATIC’s Price Rests on a Positive Trend Line and Could Drop Soon

  • MATIC’s price had continued its positive weekly streak by printing a 24-hour gain.
  • The altcoin’s price was trading at $0.9204 after rising more than 3%.
  • Technical indicators suggested that MATIC’s price may experience a correction soon.

The price of Polygon (MATIC) continued its positive weekly streak over the past 24 hours according to CoinMarketCap. At press time, the Layer-2 crypto was trading at $0.9204 following a 3.36% gain in the last day. This positive performance added to the altcoin’s already-positive weekly performance, which stood at +6.12% as a result.

MATIC also outperformed the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) in the last 24 hours. As a result, the altcoin was up 1.92% against BTC and 1.90% against ETH. The altcoin had retraced somewhat from its daily high of $0.9514, however. Meanwhile, its 24-hour low was sitting at $0.8935.

4-hour chart for MATIC/USD (Source: TradingView)

MATIC’s price was at a decisive point at press time, as it was resting on a positive trend line on its 4-hour chart. A break below this trend line could see the altcoin’s price dropping to the next key support level at $0.89672.

On the other hand, MATIC’s price remaining above the trend line for the next 24 hours will see it flip the closest resistance level at $0.94186 into support. Traders should note that the RSI was on the verge of flagging bearish, with the RSI line looking to cross below the RSI SMA line.

Should the RSI line cross below the RSI SMA line on the 4-hour chart within the next 24 hours, MATIC’s price will also be at risk of breaking below the aforementioned $0.89672 in the following 48 hours. At this point, the crypto’s price will not have any support to prevent it from targeting $0.84395.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss

The post MATIC’s Price Rests on a Positive Trend Line and Could Drop Soon appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.