⠀Matic Network price: $0.026 ⠀Key MATIC resistance levels: $0.027, $0028, $0.02960, $0.030, $0.031 ⠀Key MATIC support levels: $0.0246, $0.022, $0.020, $0.0197, $0.018

*Price at the time of writing

Matic has been on an absolute tear this month as the cryptocurrency rises by a solid 110%! Matic has seen a further 41% price surge over the past 7 days alone which has allowed the price frot the cryptocurrency to rise into the $0.02638 level.

You might not have heard about Matic previously and this is no surprise considering the fact that the latest surge has just brought the cryptocurrency into the top 100 ranked coins as it now sits in the 79th position with a total market cap value of $66 million.

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MATIC Price Analysis

What has been going on?

Taking a look at the daily chart above, we can see that, previous to the recent bull run, Matic had been pretty fairly static for the previous months. The market was trapped within a range between $0.0099 and $0.0189 since August 2019.

However, toward the end of November, whilst the rest of the market was dropping heavily, Matic bucked the entire bearish trend and started to SURGE. The cryptocurrency smashed above the upper boundary of the range and continued to rise at an aggressive pace!

We can see that Matic broke above resistance at $0.026 and $0.027 to continue to drive further higher into the 2019 high-day-closing price of $0.02960 before rolling over. The resistance at this level was further bolstered by a 1.272 Fibonacci Extension level.

Matic has since dropped slightly as it trades at a price of $0.02636

MATIC price short term prediction: Bullish

Matic is most certainly bullish! However, there are some signs that the bullish trend may be reaching exhaustion (see indicators below). For this bullish trend to continue, we would need to see MATIC rising above the resistance at $0.02960.

If the bulls do start to climb higher, initial resistance lies at $0.027 and $0.02960. If the buyers drive Matic above $0.030, higher resistance then lies at $0.03172 (1.414 Fibonacci Extension level) and $0.03452 (1.619 Fibonacci Extension level). Beyond this, we can expect resistance at $0.034, $0.036, and $0.037.

What If The Bears Increase Their Pressure?

Alternatively, if the sellers step back in and push Matic lower, we can expect immediate support to be located at $0.02464. Beneath this, support lies at $0.022 (.382 Fib Retracement), $0.020, $0.01971 (.618 Fib Retracement), and $0.015.

What Are The Technical Indicators Showing?

The RSI has recently turned away from overbought conditions and looks to be trending lower. If the RSI continues to fall, this will show that the buying momentum is starting to fade. Furthermore, the Stochastic RSI has recently produced a bearish crossover signal in overbought territory which should send the market further lower.