- MATIC price has massive support nearby, limiting downside pressure.
- Bitcoin’s rally will contribute to MATIC breaking out to new all-time highs.
- Oscillator values and conditions confirm that a bullish breakout is likely to be sustained.
MATIC price action has been lacking compared to its peers – but that is about to change. It once dominated the social media and speculation space for cryptocurrencies. However, signs show that attention will once again be focused on MATIC.
MATIC price coiled for a massive spring higher, new all-time high close targeted
MATIC price is poised for a significant breakout if it can hold its near-term support structure. On the weekly Ichimoku chart, the 50% Fibonacci retracement and Kijun-Sen share the same price level at $1.53. Just below that is the Tenkan-Sen at $1.40. Sellers have already been rejected from moving below the Tenkan-Sen as buyers stepped in and supported MATIC.
A Fibonacci expansion drawn from the July 23rd swing low of $0.62 to the September 10th swing high of $1.80 projects the 100% Fibonacci expansion level at $3. Beyond the 100% level is the 161.8% Fibonacci expansion at $5.60. It is expected that some short-term selling pressure will occur around the $3.00 level before testing higher towards $5.60.
The oscillators show that any breakout is likely to be sustained. The Relative Strength Index continues to ping-pong between the oversold levels of 55 and 65 while the Composite Index nears a bull cross over of its slow moving average.
MATIC/USDT Weekly Ichimoku Chart
If short sellers desire to invalidate the imminent bullish breakout, they will need to push for a clear close below the weekly candlestick of September 24th close of $1.13. Until then, MATIC price is poised to rally with the broader cryptocurrency market.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.