MATIC Tests Last Month’s High and Faces Rejection, Will It Test Again?

Bits Logics Team . 10th Oct 2023
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  • Youtuber and analyst tweeted that MATIC tested last month’s high but was rejected.
  • MATIC struggles to keep itself in the green zone as bears pull it to deeper mire 
  • MATIC is trading close to the Point of Control (PoC), it could move either way.

Youtuber and Crypto Analyst TraderSZ tweeted that Polygon (MATIC) tested last month’s high but was rejected. According to TraderSZ, the month of January had the highest gain for MATIC, while February also had small values gained. However, from March to June, the price of MATIC was falling.  

When looking at the weekly chart for MATIC, it could be seen that it was trading at $0.565 when the markets opened for trading last week. The token reached its maximum value of $0.59 on the first day of the week itself. However, after the first day, most of Polygon’s price fluctuation was below the opening market price. 

MATIC/USD 1-Week Chart (Source: CoinMarketCap)

Currently, MATIC is trading at $0.5215 after experiencing a 7.52% decrease in prices within the past 7 days. It has a trading volume of $261,752,694 which is up by 13% in the last 24 hours. 

The above chart shows that MATIC has been trading inside a falling wedge since almost the beginning of 2023. The token made lower lows and lower highs. Currently, it has broken out from the falling wedge. Hence, if this is a conventional breakout, then, we could expect MATIC to test the $0.72 resistance level first.  Thereafter it may rise to $0.93 if the bulls keep pushing hard. Moreover, in the longer term, MATIC may have the momentum to reach $1.19. 

Since MATIC is trading in the Point of Control (PoC), where there is most trading happening, anything is possible. If the sellers outnumber the buyers, then MATIC may seek to land on support at $0.45. And, if the sellers are still in excess in the market, then Polygon may seek support at $0.33. 

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by BitsLogic are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.