Home Crypto News MATIC Price Facing Downside Pressure Near $0.70

MATIC Price Facing Downside Pressure Near $0.70

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MATIC value reached a brand new all-time excessive of $0.91 however presently trades close to $0.70

Polygon (MATIC) has seen its value in opposition to the US greenback rise to a brand new all-time excessive of $0.91 following its 54 p.c good points on 27 April. The cryptocurrency has shaved off a few of the good points as merchants looking for short-term earnings look to promote.

MATIC/USD is altering arms at round $0.72, down from its intraday highs above $0.90. It is feasible MATIC will face elevated sell-off stress, particularly if the much-anticipated altseason fails to tick up as Bitcoin struggles.

Despite the losses, the cryptocurrency stays greater than 20% up on the day as of writing. Weekly good points presently stand at 112 p.c.

According to analytics platform Santiment, Polygon’s on-chain metrics are robust to suggest additional good points are doable.

The Polkadot rival has additionally seen a exceptional improve within the whole worth locked (TVL) within the protocol. DeFi Pulse exhibits that $1.19 billion price of asset worth is presently locked within the funds protocol, with that determine together with a rise of over 19% previously 24 hours. MATIC is presently the 15th largest DeFi mission by TVL.

MATIC value evaluation

The MATIC/USD pair noticed parabolic motion after breaking above the higher boundary of a parallel channel on 26 April. The breakout additionally resulted from a cup and deal with sample, with a brand new excessive shaped when bulls broke above the earlier resistance stage at $0.53.

The 54 p.c inexperienced candle took costs into discovery mode earlier than the upside started to fade. The day by day MACD and RSI recommend consumers are in command, which may assist a recent punt on the upside.

If value turns greater, the principle goal is $1.00, with a possible run in the direction of $1.50 if the broader altcoin market involves life within the brief time period.

MATIC/USD day by day chart. Source: TradingView

Although the value outlook stays bullish, an prolonged draw back correction may spell hazard for bulls.

The fundamental assist ranges are on the 0.382 ($0.69) and 0.618 ($0.55) Fib ranges of the upside to $0.91. If value breaks beneath these demand zones, a bearish flip may strengthen and see bears eye the 50 SMA line close to $0.38.

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