MATIC Technical Analysis – October 2021
Monthly Analysis
Over the last 30 days, MATIC decreased by more than 40%. Nonetheless, the price was then continually attempting to reverse, and it continually found support at $1.03. After that, the price of MATIC increased by almost 30%, indicating that the trend might have reversed in a 4-hour chart.
Weekly Analysis
In the last 7 days, the price of MATIC has increased by around 30%. The price encountered resistance at $1.35, and the selling pressure at that price has been high. The price is now in consolidation as many traders are going short with their traders.
Daily Analysis
In an intraday chart, MATIC has been highly volatile and has formed a triple top pattern. An ascending triangle has also formed, meaning that an upwards breakout could also occur in the coming hours.
Key Structures
Support
- $1.03
Resistance
- $1.35
Indicators
Moving Average
The 20-day moving average is now below the price, indicating that the trend is upwards and that the price could keep increasing in the coming days. The MA line could also act as support in the short run.
The 9-day EMA is also below the price, indicating that the traders are bullish and that the price of MATIC could keep increasing in the coming days.
Relative Strength Index
The RSI of a daily chart is slightly above 50, meaning that the momentum is bullish. This also means that there is a lot of room for growth in the price of MATIC. As for the 4-hour chart, the RSI has been slowly declining after being close to the oversold region.
MACD
The MACD line is above the signal line and above the baseline in a daily chart. This indicates bullish momentum and that the price of MATIC could keep increasing. As for the 4-hour chart, the lines have intersected with the MACD line slowly moving below the signal line. This could mean that the momentum might shift in the shorter run.
Fear & Greed
Despite the recent price increase, the current emotion for MATIC traders is fear, primarily because it is continually retesting resistance, which could mean that the selling pressure might be high.
Fibonacci
The Fibonacci retracement levels suggest that in a recent upward movement, the price has later retraced to the 61.8% level. While the price was expected to aim for an extension level, it rather found resistance at $1.33.
Price Prediction MATIC – October 2021
Based on this technical analysis on MATIC, its price could be determined on key structures, especially resistance at $1.35. If that resistance is broken in the coming hours, MATIC could go close to $1.45 without any problem, other things equal. However, if the price is resisted at $1.35 once again, then MATIC could go to around $1.10 in the coming days.
Latest News for MATIC – Affecting Price
Polygon is set to launch a liquidity mining worth $1 million for Layer 2 protocol Augur Turbo, which is a sport’s betting market. Such updates could have a positive effect on the price of MATIC no matter what the technicalities suggest.
Also read: Polygon (MATIC) Price Prediction 2021 and Beyond – Will MATIC Reach $10 in 2021?