MATIC/BTC began surging towards its highs during February 2021 and reached the highs around 0.00006641 BTC within just four months. However, the extreme-sell off in May not only impacted the USDT pairs but also the BTC pairs as Bitcoin itself slashed more than 50% within no time. Further, the asset went on to recover the 60% dump but remained 14% distinct from the highs. Currently, the trading pair is yet again attempting to range high after a minor pullback, yet the buyers appear to be a little exhausted.
Will the MATIC/BTC make it to the highs or undergo yet another correction? Let’s check it out!
The asset after a notable surge, a couple of days before, broke the immediate resistance levels currently testing the next levels. However, each time after a notable jump, the buying pressure tends to ease, yet luckily the bears remain off the track. And hence despite a small pullback, the asset remains pretty bullish and the target remains above the current ATH.
|Short Term||The price after a notable surge in the past couple of days is experiencing a slight pullback, the selling pressure has not mounted yet. And hence the uptrend appears still intact.|
|Mid-Term||MATIC/BTC remains pretty bullish and despite a minor selling volume, the price is poised to surge towards the immediate resistance levels|
|Long-Term||The long term forecast is extremely bullish as the probabilities of yet another huge spike may be on the cards|
|Technical Indicators||Value (1Hr / 1D)||Action (1Hr / 1D)|
|StochasticRSI(StochRSI)(14)||10.39 / 71.78||Oversold / Buy|
|MACD(12, 26)||0.00 / 0.00||Neutral / Neutral|
|Williams Percentage Range||-67.47 / -15.29||Sell / Overbought|
|Average True Range (14)||0.00 / 0.00||High Volatility / High Volatility|
|Bull-Bear Power(13)||0.0001 / 0.0001||Buy / Buy|
|Moving Average(MA)-50||0.00005380 BTC||0.00004695 BTC|
|Moving Average(MA)-200||0.00005183 BTC||0.00003277 BTC|
|Resistance||0.00005562 BTC||0.00005756 BTC (ATH)|
|Support||0.00005404 BTC||0.00004859 BTC|
The MATIC/BTC pair in both the short term & the long term is manifesting an extremely bullish trend as the indicators point out towards a strong buy. The StochRSI has dipped hard in the short term, trending in the oversold region, hence pointing towards a bullish divergence. While the MACD is neutral, meaning no notable buying or selling pressure has been accumulated over the platform.
On the other hand, the Average true range which focuses on the market sentiments indicates a spike in the volatility rate pointing towards a change in the trend very soon. Luckily, the bull-bear power in both the short-term and long term suggests the bulls are more powerful, manifesting a notable uptrend awaiting ahead.
Coming to the pivot levels, both the MA levels are acting as strong support levels in the short & long term. The current levels appear pretty close to the short-term resistance levels and an inch close to its ATH. The bulls are slowly gaining immense strength, while the selling pressure has failed to nullify the buying pressure. And hence slowly yet steadily the price could surge beyond its ATH and discover new highs in the upcoming days.
The MATIC/BTC price began the new year trade on an extreme bearish note shedding nearly 15% of its value within a week. However, the asset rebounded well and surged high to regain its lost positions within no time and yet again faced a notable consolidation a step before hitting its ATH. Despite the asset experiencing a slight pullback, the price ranged high and was on its way to form new highs very soon.
Source: Tradingview Date: 15-01-2022 Time: 4:50pm
The MATIC/BTC pair began the weekly trade with a bullish push and further maintained a notable consolidation. As the asset reached its immediate lows, the bulls immediately jumped in action to uplift the price to some extent, where-in the bears jumped in action to exact their profits. However, the price is currently attempting to halt the downtrend and initiating a parabolic trend to reach the levels beyond the ATH.
The MATIC/BTC price at the press time is 0.00005438 with a jump of nearly 3.4% compared to the previous trading levels. While the volume remains around $9 million, the asset is expected to hover within 0.00005217 and 0.00005549 throughout the day. The daily close above these levels may validate the next bull run.
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