On January 29, the Matic Network (MATIC) price went above the descending resistance and has increased since then. At the time of writing, the currency is trading in a significant resistance area.
MATIC's remarkable moves
- MATIC is moving in an ascending support line.
- It has broken out of a descending resistance line.
- There is resistance at 255 satoshi.
- Support is currently at 220 satoshi.
- The price is trading on significant daily moving averages.
The famous trader Devchart outlined the MATIC price chart, which shows the price broke out above and retest the 100-day MA, and set a target of 279 satoshi. However, because of the previous rapid discount, he was still wary of trading this currency.
$ MATIC
1D TFStill wary of trading #MATIC to be honest lol.
breakout and retest of the 100 MA.#Alts#Crypto pic.twitter.com/m4CaTk8Q8Z- Devchart (Andre) (@devchart) February 5, 2020
“Honestly speaking, I'm still wary of MATIC transactions.
The price is now breaking out and retesting the MA 100. ”
MATIC break out
MATIC prices have been following an ascending support line since August 5, 2019.
After a significant pump and correction, the price created a descending resistance line in which it broke out on January 29, 2020. Since then, the price has risen and once again reached the zone. 255 satoshi resistance, where it is trading at the time of writing.
The upward move was very fast in which the price increased by 45% after only 8 days. In addition, MATIC has broken out above and successfully confirmed the resistance zone of 220 satoshi, previously a support area, which is expected to provide support in the near future.
Future price movements
The recent increase has caused prices to move above both the 50 and 200-day moving averages (MA), while the previous has risen sharply and is likely to provide support for the price.
Moreover, the daily RSI is above 50 - a value that it has not reached since the price dropped on December 10. Both of these signals suggest that prices will continue to rise, after being able to turn. Confirm the support zone or MA 50 days.
In terms of future price movements, breakout targets are found at 310 and 360 satoshi, fib levels 0.382 and 0.5 of the previous decline.
It seems that the current price movement is a retreat to respond to resistance rather than the beginning of another bullish move.
To conclude, the price of MATIC has broken out of the descending resistance level and reached a significant resistance level. It will likely succeed in breaking out and moving towards the two goals outlined above.
Current MATIC price | Source: Coinmarketcap
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions
Dieu Anh
Bitcoin Magazine | Beincrypto
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