Matic Technical Analysis Report | 16th-FEB-2023

The bears pushed Polygon’s MATIC below the 20-day EMA ($1.19) during February 13-14, but failed to sustain the lower levels. This shows that the bulls are not willing to give up their advantage. Although the US Consumer Price Index (CPI) for January was marginally higher than expected, that didn’t dampen the enthusiasm of optimistic crypto traders. A positive reaction to seemingly negative data signals that sentiment is bullish and traders are looking for buying opportunities. The asset price has risen by almost 11% while the global volume is up by 18% in the last 24 hours. 

At the time of writing, Matic was trading at $1.365

Matic after taking support at $0.75 multiple times started trading in an uptrend. The asset was facing strong resistance around $1 in the past. However, the bulls broke the long-held resistance of $1 and rallied up to $1.3923. $1.25 and $1 will act as strong support whereas $1.5 will be the major hurdle for the bulls. Once the price breaks, closes and sustains above $1.50, it can further rally up to $1.75.

Support 2Support 1AssetResistance 1Resistance 2

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