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Following Bitcoin‘s fluctuations above the $44,000 level, there has been a slight pullback which has paved the way for a rise in altcoins. Investors in the cryptocurrency market have become accustomed not only to continuous uptrends or downtrends over the years but also to corrections and recoveries. So, what will be the situation for MATIC Coin amidst these recent fluctuations?
According to the weekly chart, the resistance line that has been pressing on MATIC Coin for 707 days continues to prevent the price from breaking out of its downtrend. Despite several attempts, the price has failed to break through and escape the declining resistance trend line.
The altcoin has been fluctuating between support and resistance since April 2022 and faces short-term risks following the recent Bitcoin downturn. The good news is, with Robinhood’s expansion into Europe, the platform is expected to support 26 altcoins, including MATIC Coin, which could bolster demand.
Analysts are closely watching MATIC Coin, which is among the largest altcoins. CryptoPoseidon, an analyst, predicts a bear market due to the indecision at resistance and anticipates a price drop. MoreCryptoOnline states that to confirm the price is in a bull market, we need to see five waves from the lowest levels in September, with the fourth wave being formed and the $0.64 level acting as support.
On the daily chart, it is seen that the price broke the trend line on October 22, reaching $0.98 on November 14, but retracted to $0.85, and this breakout remained a deviation. If the price can stay strong above the $0.85 resistance, a new uptrend could begin. In the most optimistic scenario, with closures above $0.85, the MATIC Coin price could rise to $1.25. As long as the Bitcoin price maintains its peaks above $40,000, there is a 45% potential for increase. Otherwise, a pullback to $0.67 is likely.
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