• 26 May, 2024
Market News Markets

Analysis: MATIC’s Consolidation Phase Signals Impending Price Surge

MATIC has been put in the spotlight as it contends in the consolidation movement after a series plunge. Observers note a potential for a breakout, hinting at a bullish resurgence in the near term.

World Of Charts, an analyst, pointed that MATIC moves have been defined by a bearish descending channel in the last few weeks, characterised by falling highs and lows. However, recent movements have hinted at a shift in momentum as the price entered a consolidation phase, characterized by sideways movement within a defined range.

Key support and resistance levels play a pivotal role in assessing MATIC’s trajectory. The lower boundary of the consolidation box, currently hovering around $0.75, serves as a crucial support level, suggesting a floor for potential downward movements. Meanwhile, the upper boundary, positioned at approximately $0.82, presents an immediate resistance level that could impede upward momentum.

Source: World Of Charts

Moreover, analysts highlight additional support and resistance levels outside the consolidation box. The bottom of the preceding downtrend channel could act as a secondary support if the price breaks below the current range, while the top of the downtrend channel may serve as a formidable barrier if a bullish breakout occurs.

The current sentiment, however, has a bullish side, this is as a result of the high-level expectation of a breakout from the current consolidation phase. The shaded blue box on the chart projects a potential rise towards the $0.95 to $1.20 range, reflecting optimistic projections for MATIC’s price trajectory in the coming weeks.

The current MATIC price is $0.737603 with a 24 hours trade volume of $281,235,794. Even though the uptick was only 0.92% in the last 24 hours, the investors are still hopeful to catch a clear breakout.

SHIB, BONE, LEASH Surge: Are Bulls Pushing Crypto Momentum? Read Previous

SHIB, BONE, LEASH Surge: Are Bulls Pushing Crypto Momentum?

Mainland China Investors: Access to Hong Kong's Bitcoin ETFs? Read Next

Mainland China Investors: Access to Hong Kong's Bitcoin ETFs?