- MATIC price has increased by 1.88% during 24 hours.
- The token is trading below 200MA and has had a price decrease of 21.66% since 12 September 2022.
- According to CoinMarketCap, the price of MATIC hovers around $0.7513.
MATIC has been trading inside a bull flag since 12 September 2022 and falling continuously. The token had a price decrease of 21.66% with a price change of $0.2008 on 12 September 2022.
MATIC/USDT 1H Chart (Source: TradingView)
During these seven days, the price of MATIC was swinging between $0.7273 and $0.8733. The support of MATIC lies between $0.6343 and $0.5812, while the resistance is from $0.8727 and $0.8727.
Currently, there are 2 possible price ranges for MATIC to reach. Assuming bulls step in to save the market, MATIC bounces back to $0.7800 and rises higher, MATIC has a higher chance of reaching its resistance, $0.8727. Another alternative is that MATIC breaks from the current flag and dips lower, we can expect MATIC to touch the floor of $0.6600.
MATIC/USDT 1H Chart (Source: TradingView)
The MATIC/USDT 1-hour chart is shown above. MATIC has dropped below its 200-day moving average, signalling a bear market. The fact that MATIC’s RSI is 37.53, which is less than 50, indicates that more traders are selling MATIC than buying. Nevertheless, the RSI SMA is positioned below the RSI line and is sloped negatively.
Another factor for the bulls is that bears placed a sell order block at $0.8218 and started selling MATIC. If the bears keep seizing the downtrend throne, we expect the price to plummet to $0.6600.
At the time of writing, MATIC is one of the top 100 biggest cryptos in terms of market cap, according to CoinMarketCap. It sits at the market rank of 13 with a market capitalization of over $7 billion. MATIC is currently trading at $0.7478 after reaching the highest of $0.774 with a price change of 1.35% within 24 hours.
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