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Matic Tests Breakout of 2 Month Descending Channel for BINANCE:MATICUSDT by CoinGape

-Matic is up nearly 20% in the last day
-Price bounced heavy off major support of $0.68
-100MA is acting as resistance

Matic Network experienced a hard bounce off support the last 2 days. Prices feel nearly -50% since the start of July as the cryptocurrency market failed to gain its footing. MATIC had a mind blowing run the last 6 months as it nearly outpaced all of its competitors. MATIC brings a great solution to the cryptocurrency market as it provides technology for scaling the Ethereum network. Once the market begins a strong uptrend, MATIC will surely be back to strong upward pushes.

Price has been stuck within a descending channel for nearly 2 months. Each time MATIC hits either trend, it has been fiercely rejected. Bulls must push MATIC past its long term trend shown in black and hold its major resistance mark of $0.934. If this is deemed successful bulls must then clear the top trend of its descending channel formation. MATIC will then be free for a large spike back above $1.00.

At the time of writing, MATIC continues to be rejected off its major resistance of $0.93. Along with this resistance lies the 100 MA. This has held price down for nearly 2 weeks. If bulls fail to clear over this MA, price will likely retrace to its major support zone . This support zone lies at $0.79-$0.84 and has held MATIC in the past. A break below this zone will be a bearish scenario that will land prices back under $0.70.

While looking at the relative strength index , we can see that RSI has recently broken a near two week trend line . Strength must quickly push to overbought territory to save MATIC from a short term pullback. The Stochastic RSI has been flat lined in the overbought territory which may indicate a short term pullback is coming.

MATIC intraday levels

Spot rate: $0.893

Trend: Bullish

Volatility: Medium


Support: $0.84

Resistance: $0.93

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