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Will MATIC soon break the USD 1.8 resistance level?



 MATIC has been accumulating since the beginning of the day and could mark a new milestone.


The cryptocurrency market has seen mixed performance since the start of the day. Most coins are trading in the red while others are up less than 1%.


The total cryptocurrency market is now around $1.7 trillion. Bitcoin continues to trade below the $40,000 level as the bears are still in control of the market.


However, MATIC, the native token of the Polygon ecosystem, is currently up nearly 5% over the past 24 hours, making it one of the top 20 cryptocurrencies by market cap.


At the time of writing, MATIC is trading at $1.5 per token. However, MATIC would have a hard time breaking the next level of resistance unless it receives support from the broader cryptocurrency market.


Aside from the market's slight recovery, there is no major catalyst behind MATIC's ongoing rally.


Important levels at a glance

The MATIC/USD 4 hour chart is bullish thanks to the coin's performance over the last 24 hours. The technical indicators show that MATIC is currently outperforming the broader cryptocurrency market



The MACD line crossed the neutral zone into positive territory after MATIC's recent rally. The 14-day relative strength index of 44 shows that MATIC is no longer in oversold territory. If the rally continues, MATIC could enter the overbought territory soon.


At the time of writing, MATIC is trading at $1.5 per coin. The next major resistance level at $1.8 could pose a major challenge for MATIC in the coming hours unless it gets support from the broader cryptocurrency market.


If the bears take control of the market, MATIC could break below the next support level at $1.40 in the coming hours.


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