MATIC strong above $1.7 key level after BTC’s correction; Upward rally to follow

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MATIC token has been performing really well this week, and the current MATIC/USDT pair shows a bullish attitude. Despite the sharp price correction by Bitcoin, as TronWeekly reported, the coin is staying impressively strong above the major $1.7 resistance level.

As per the TradingView chart, MATIC has recorded a day’s low at $1.60 after the sharp BTC crash earlier today. However, it recovered quickly and came back above $1.7 resistance, and is currently trading at $1.74. Interestingly, today’s high before the BTC correction was recorded at $1.93, which boosted investors’ confidence over the bullish momentum of the coin.

MATIC price analysis on 24-hour chart using technical indicators

MATIC/USDT pair has major resistance at $1.70 level with support at $1.43. The bullish attitude is confirmed by the strong recovery after today’s correction incident.

The price analysis using Bollinger Band indicates that we can see a breakout of the coin from the upper edge of the band as it is currently residing around the band’s upper portion.

The 50-day and 100-day moving averages (MA) act as the strong support level for the coin as it is gracefully dancing above these levels, further confirming the bullish traits.

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Source: tradingview

Looking at the Relative Strength Index indicator, we can clearly see that the coin is going to enter the overbought region as the gradient is positive. We can see a large selling pressure after some days, but for now, RSI also joins hands with the Bollinger Band indicator confirming a bullish scenario.

Along with that, as we can see below, the MACD line is progressing above the signal line, indicating a bullish motion for the MATIC/USDT pair.

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Source: tradingview

Final Verdict

In the past 30 days, the coin reached a high of $1.93 and a low of $1.05 making a total gain of 83%. MATIC seems bullish right now, and with the arrival of “Moonvember,” we can expect the coin breaching its all-time high (ATH) at $2.7 to mark a new ATH.

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