MATIC price reclaims $1 as investors make bullish moves following 37% recovery

MATIC price is nearing the $1.13 price level, breaching it will reignite the altcoin’s rally.
On the macro scale, MATIC is still maintaining the uptrend that began five months ago.
The recent upsurge in investors’ presence indicates MATIC holders are still maintaining a bullish outlook.

MATIC price noted one of the highest increases earlier this month when the cryptocurrency rallied by 43.91% to trade at $1.25. However, this rise was short-lived as the altcoin sank to $0.81 following the market-wide crash. Regardless, its holders have kept their positivity up, which is visible in their movement over the last 24 hours.

MATIC price heading towards its highs

MATIC price recovered by 37.55% on November 10, bringing the altcoin back above $1, which has been an important psychological support. From here on, the cryptocurrency is looking to reclaim $1.13 as a support level, as it had been previously tested during MATIC’s 43% rally.

If the price manages to break through and flip $1.13 into support, it will be able to resume its rally toward its next critical resistance at $1.32. This level was last tested in April this year, and an upswing to it would recover significant losses experienced by investors in the previous seven months.

MATICUSD 1-day chart

Such an upswing will only be possible if investors maintain their current bullish momentum, which still remains intact despite November 8’s crash. Most of the activity observed on-chain was during November 10’s recovery and not November 9’s decline. Active addresses noted an 84% increase as transaction volume in a single day almost touched $300 million.

MATIC holder activity

Should these figures continue improving, MATIC could note a further rally over the next couple of days. However, in the event that broader market cues favor the bears and MATIC paints a red candle, the altcoin could lose its $1 support.

In that case, the next critical support will be around $0.87 to $0.90, which coincides with the micro uptrend line. A bounce from here would reset a recovery for MATIC (ref. MATICUSD 1-day chart).

Share: Cryptos feed

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.

Join Telegram