On August 5, 2019, the Matic Network price reached a low of 80 satoshis. A rapid upward move followed, culminating with a high of 177 satoshis on August 7. After a period of decreases, MATIC reached similar highs on August 23. It has been on a downtrend since.
Will MATIC reach highs near 180 satoshis again? Continue reading below if you want to find out.
For our previous analysis click here.
MATIC Price: Trends and Highlights for September 12
- MATIC/BTC is not following any clear trading patterns.
- There is support at 100 and 120 satoshis.
- There is resistance at 170 and 140 satoshis.
- Daily moving averages have made a bearish cross.
- The RSI is in neutral territory.
Looking at the daily chart, we can see two very important reversal levels — one support and one resistance.
The support area is found at 100 satoshis while the resistance one near 177 satoshis.
Unless a breakout or breakdown occurs, we would expect the MATIC price to trade between these two levels.
Let’s take a look at some technical indicators and determine how likely that is.
A look at the daily moving averages (MA) shows that there has been virtually no change in momentum in either side for the past two weeks.
However, we can see that a bearish cross transpired on August 29.
Additionally, the MATIC price is trading below the 10- and 20-day MAs.
This is a bearish sign, which loses some significance by the fact that both MAs have an almost neutral slope.
A similar outlook is given by the RSI.
It has been trading between 43 and 53 for almost three weeks, indicating neither oversold nor overbought conditions. So, while the moving averages slightly lean on a bearish outlook, the RSI is neutral.
Looking at the two-hour chart, we can see one short-term resistance and one support area.
The resistance is found at 140 while the support at 120 satoshis.
We believe the MATIC price may drop to the support area. Afterward, it is likely to trade between these two areas without experiencing significant fluctuation.
MATIC Price Summary
The MATIC price reached a high on August 23 and has been decreasing since.
According to our analysis, it is likely to consolidate without much fluctuation.
For hypothetical trading purposes, we have a neutral outlook on MATIC.
Do you think volatility will return to MATIC? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of TradingView, Shutterstock.
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