Technical Analysis for MATUSD for 24th February 2023
Polygon Finds Support at $1.30, is the Bull Run Over?
Past Performance of MATIC
Despite the contraction of the past few days, Polygon is trading above November highs, and looks firm. The coin is up roughly 80 percent from December lows, and trading above the middle BB, signaling strength. Per the current setup, support lies at $1.30.
MATIC Technical Analysis
The overvaluation of February 18 is being corrected in a move that has seen bears wipe out gains of February 17. Despite the cool-off, the primary trend remains bullish. This will hold especially if MATIC prices are still above $1.30 by the close of this week. After an impressive surge from December 2022 lows, the retracement was expected. The trend will continue if there are fresh gains above $1.60, with expanding volumes. Meanwhile, losses below $1.30 may spark a sell-off, forcing MATIC towards $1.15 and later $0.95, which are critical support lines of the December to February trade range.
What to Expect from MATIC
Traders should watch out for the middle BB, the flexible support line. A breakout below this level may set the base for a leg down in an inevitable correction. Specifically, how MATIC reacts at November 2022 high at $1.30 is important in the near term.
Resistance level to watch: $1.60
Support level to watch: $1.30
Disclaimer: Opinions expressed are not investment advice. Do your research.
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