The Price of Matic Bounced Off Key Support

After selling off hard the first two weeks of July down to 70 cents, Matic put in a reversal candle at that support level and bounced.

That bounce looks to be running out of steam short of the $1 area resistance. Until I see that level attacked I'm gonna assume the bears are still in control.

Follow through or No?

Looking at the chart you can see what I was talking about above. You can also notice that price not only bounced off support, but the 200 day moving average at the same time.

As the 200 day creeps up toward the 70 cent area support it will be interesting to see if price can maintain above it.

We saw this price action with ETH back in late June when it rallied off the 200 day moving average before piercing it a couple weeks later after it failed to take it's most recent high.

Whether Matic price will do the same remains to be seen, but unless price gets to 1.20 then all we have is a bounce without a higher high.

Posted Using LeoFinance ^Beta