-MATIC has risen nearly 250% off its lows set 3 days ago
-Long term trend held MATIC from further downside
-Major resistance to break & hold is $2.33
MATIC also known as Polygon, has led the cryptocurrency market in terms of revival off lows set on the 23rd. MATIC has risen over 200% in a little under 3 days which has left the bears speechless. Polygon recently got support from Mark Cuban, a billionaire crypto advocate. MATIC has had an astonishing year rising over 20,000% from the lows set in March 2020.
MATIC fell nearly 70% off its ATH set a little over a week ago. Bulls stepped right in and gobbled up the dip as quickly as they could and Matic has retraced nearly all of its fall the last week. This shows immense strength for Polygon as a near 2 month held the price from further downside. Along the the , major support of $0.87 held MATIC as bulls waited to scoop in on a huge discount.
After rising over 200% from lows, MATIC has found resistance around the $2.33 mark. This is the most important area for MATIC as a break and hold off this zone may result in a new ATH . The 10MA has held the price of MATIC the last few days as a break below will likely send the price back down to $1.78-$1.99.
While viewing the , we can conclude it is very overextended and needs a correction after such an explosive move to the upside. Expect a retracement on the strength to be coming soon. The also confirms this viewpoint as the histogram has double topped and is looking for a red tick in the zone. The blue MA crossing below the orange MA will further confirm this short term standpoint.
MATIC Intraday Levels