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.
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.
