MATIC and its bullish trend this week have surprised everyone. Despite the upward trend, it is still unable to surpass the psychological threshold of $1. Technical indications on the chart have stayed optimistic and indicated that prospects of achieving the $1 price ceiling are good.
In the previous week, MATIC increased by 22%, while on the daily chart, the currency increased by 7%. Although MATIC had reached $0.97, a slight decline in buying power prompted the altcoin to briefly drop on the chart. Positive buying strength showed that the bullish strength had not diminished.
If there is a pullback, MATIC might fall as low as $0.77. The altcoin can attempt to surpass the psychological price ceiling of $1 if buying momentum is sustained. At the time of publication, MATIC has managed to hold above the $0.75 support level.
The market capitalization of all cryptocurrencies as of today was $1.09 trillion, up 2.6 percent from the previous day.
At the time of writing, the altcoin’s price was $0.87. The coin momentarily approached the $0.97 level before selling pressure set in. A rise above the $0.92 overhead resistance for the coin might push MATIC close to the $1 mark.
Local support for the coin was $0.77; should that threshold be broken, MATIC will drop to $0.60. The volume of MATIC traded during the most recent trading session slightly fell, which showed that buying strength decreased on the chart.
MATIC and its bullish trend this past week have made the altcoin pass the threshold to the overbought zone, but as the coin’s value dropped, buying power decreased. The buying strength was still greater than the selling strength as of the writing.
The Relative Strength Index was over the half-line, indicating that there were more buyers than sellers.
The altcoin’s price this past week was above its 20-SMA line, indicating that buyers were the ones who were driving the market’s upward momentum. This was a bullish omen for the altcoin.
If the coin maintains its current rate MATIC and its bullish week might be a thing of the past if there is no more buying power that will be required to support it. A stronger overall market will also aid MATIC in hitting its $1 psychological goal.
For more altcoin news, read about the latest developments and trends in our Altcoin news section.
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