Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-07-11 13:42:13

MATIC Technical Analysis: A Lull Before A Shot Up

MATIC cryptocurrency has become interesting for investors again. Of course, not as interesting as in the period from January to May 2021. However, in June 2022, trading volumes finally increased several times. Even during the weekly candle of 9 May, when sellers tried to break the $0.58 mark, trading volumes were lower than during the first month of summer. The stop of the uncorrected fall from January 2022 is already a good sign and it is time to determine the critical points above which the falling trend will be broken. Source: The weekly chart shows that sellers have spent a lot of effort to take control of the $0.58 mark. However, these efforts did not yield the desired result. After breaking the $0.58 mark, the MATIC price did not continue its aggressive decline. Instead, buyers began placing limit orders, which caused the MATIC price to slow down. The $0.38 range stopped the decline and allowed buyers to form a rebound. For three weeks now, buyers have had a local initiative on the market. Though, an unsuccessful attempt to take control of the $0.58 mark may turn into a new fall wave even from the local low update. For the MATIC price to continue to rebound upwards, buyers should keep the local mark of $0.5. It was this mark that stopped the strong impulse of the fall from 9 May, and in the case of buyers’ strength, it is quite suitable for the role of local support. The loss of th...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.