• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

A Calm MATIC is Staging a Wild Bull Run Scenario; Here’s Why

Yashu Gola by Yashu Gola
9 months ago
in Cryptocurrency news, Technical analysis
Reading Time: 2min read
MATIC, cryptocurrency, MATICUSD, bitcoin

A Calm MATIC is Staging a Wild Bull Run Scenario; Here's Why

Advertisement
Nexo Logo
Listen to Article
  • MATIC is trending sideways after bottoming out in mid-March.
  • The underperforming token is, nevertheless, flirting with key resistance area to pursue a breakout.
  • Favorable fundamentals hint a near-term bullish scenario for the cryptocurrency.

Matic, a cryptocurrency that underwent a huge pump-and-dump last year, has been unable to revive its bullish momentum in 2020.

The low-cap token bottomed at 154 sats in Mid-March after a Coronavirus-induced panic sell crashed the entire cryptocurrency market by 55 percent. While the top assets later rebounded impressively, MATIC managed only to recover to as high as 192 sats – by about 24.68 percent.

MATIC, cryptocurrency, MATICUSD, bitcoin
MATIC/BTC testing key resistance levels for a breakout | Source: TradingView.com, Binance

As shown in the chart above, the 192 sats-level coincides with converging resistance levels taken from two different Fibonacci retracement levels. The first resistance level – of 195 sats – falls in line with the 78.6% level of the first retracement graph, while the second level – of 193 sats coincides with the 23.6 level of the second retracement graph.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

MATIC is attempting to close above 192-195 sats area to confirm a breakout trend. And traders could move the prices above the range as the market braces itself for an upcoming bullish event.

Matic Team Announces 100% Staking

The MATIC team announced earlier in April that it would direct 100 percent of its 1.2 billion unlocked tokens for staking. Moreover, the tokens will become a tool to grow the MATIC ecosystem via a series of initiatives, including Dapp promotions, investments, grants, and Matic Mitra.

“89% of tokens unlocked on 26 April 2020 are NOT to be released into the market,” read the project’s official blog post. “Only ~1.3% of the total supply, the Advisory tokens (133,000,000), will actually be distributed. Of these, our advisors have committed to voluntarily deploy at least 50% of the tokens to stake.”

As the development team receives a bailout-like package to improve and grow the MATIC network, the supply shock could end up making the token scarcer at least in the medium-term. That could prompt traders to accumulate MATIC tokens at its current cheaper rate, soon leading it above the 192-195 sats area.

$MATIC Looks to be accumulating here for another pump at some point. pic.twitter.com/C8E1YHYfFb

— Trading Tank (@TradingTank) April 13, 2020

Upside Targets

Should the fundamentals play out, the MATIC price would close above the 192-195 sats area. This move would shift the bulls’ target to the range defined by October 2019 top of 212 sats and 38.2% Fibonacci level of the second graph at 217 sats. It could provide traders a decent opportunity to place a long position.

MATIC, cryptocurrency, MATICUSD, bitcoin
MATIC/BTC Upside Targets | Source: TradingView.com, Binance

Nevertheless, accompanying higher trade volumes could pump the MATIC price further towards the second 61.8% Fibonacci retracement level – at around 257 sats. Traders with higher risk appetite could extend their long positions towards 257-274 sats, providing they also maintain a stop-loss target below their entry point.

What do you think about MATIC’s upcoming price action? Tell us in the comment box below. 

Photo by Livia Bühler on Unsplash

Tags: bitcoincryptocurrencyMATICMATICUSD
TweetShare11
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

13 hours ago
Bitcoin

Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K

15 hours ago
Ethereum

Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

21 hours ago
router

Emerging DeFi Project Router Protocol Raises Seed Funding, To Launch Cross-Chain Farming Soon

1 day ago

Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop

2 days ago
bitcoin altcoins caution

Proper Altcoin Season While Bitcoin Drops Has Traders “Cautious”

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.