MATIC Technical Analysis Report | 30th-March-2023

Matic bounced off the strong support at $1.05 on March 28th, suggesting the bulls are vehemently protecting this level. The bulls extended the rally on March 29th, pushing the price above the 20-day EMA ($1.12). If the buyers hold the breakout, it will pave the way for a possible rally to the overhead resistance zone between $1.25 and $1.30. The lawsuit against Binance and CZ for trading violations pushed the markets slightly lower but did not start a strong downward move. The token’s volume is up by almost 5% in the last 24 hours.

At the time of writing, MATIC was trading at $1.11.

Matic Chart | 30th March 2023
Polygon (MATIC) Chart

Matic after making the low of $0.747 started trading in an uptrend and surged almost by 109% and made a high of $1.56 within one and a half months. Post this move, the asset faced strong resistance at the key level of $1.5 and witnessed a sharp correction. The prices fell by 39% and dropped to $0.945. Matic broke the psychological level of $1 but it didn’t give a daily closing below the support of $1 and gave a relief rally up to $1.25. Currently, the asset is trading in a range from $1.05 to $1.15. It has a strong support zone from $1 to $1.05 whereas $1.30 will act as a strong resistance. Breakouts on either side of the level with good volumes will further decide the trend for the asset.

  Support 2Support 1AssetResistance 1Resistance 2

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