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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.
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.
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.