- MATIC price is primed for another run towards the $1 mark.
- Bulls need to crack this key hurdle to take on the upside once again.
- Polygon wavers in a descending triangle with bullish RSI.
MATIC/USD has stalled its two-day losing streak on Saturday, although the bulls seem to lack follow-through upside momentum, leaving the price confined in a narrow range of around $0.75.
The MATIC price has witnessed some volatility over the past five trading sessions, having failed to find acceptance above the $0.80 psychological barrier.
MATIC/USD: Primed for a big bullish breakout?
After reaching record highs of $1.0278 last month, the MATIC price has reversed a part of the rally, forming lower higher while buyers continue to lurk around the $0.69 region.
This price action has taken a shape of a descending triangle, with a 12-hourly candlestick closing above $0.80 required to confirm an upside break.
That level is the confluence of the falling trendline resistance and mildly bearish 21-simple moving average (SMA).
Doors would then open up for a test of the weekly tops at $0.8382. Only a sustained break about the latter is likely to recall the buyers, as they yearn to recapture the $1 mark.
The relative strength index (RSI) is on a steady decline but holds above the central line, keeping the MATIC bulls hopeful.
MATIC/USD: 12-hour chart
However, if the price fails to find a footing above the $0.80 powerful resistance, a drop back towards the triangle support at $0.69 cannot be ruled.
A breach of the last would validate a triangle breakdown, which could call for a test of the upward-sloping 50-SMA at $0.5707.
The last line of defense for the MATIC bulls is seen at $0.50, the psychological level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.