Today, Matic Network (MATIC) has gained everyone’s attention due to its significant price surge and recent bullish breakout. However, MATIC’s bullish outlook comes at a time when top cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH), have been struggling to gain momentum.
Bullish Breakout in MATIC
This bullish breakout comes after months of continuous downside momentum from March to August 2024. During this period, MATIC formed a descending trendline and faced strong resistance from it. However, this time with significant volume, it has successfully broken out the barrier.
MATIC Price Prediction for August
According to expert technical analysis, MATIC looks bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame. In addition to this breakout, the daily candle closing above the trendline will be crucial.
If MATIC closes a daily candle above the $0.48 level, there is a high possibility it could skyrocket over 50% to the $0.75 level or even more.
Bullish Outlook from On-chain Data
With this breakout, MATIC’s open interest has increased by over 19% in the last 24 hours and has been gradually rising. This increase in open interest indicates a growing interest from investors and traders, according to the on-chain analytic firm CoinGlass.
However, while examining the MATIC exchange liquidation map, it was observed that in the last 7 days, bulls’ long positions are significantly higher compared to short positions. This massive long leverage position indicates a bullish signal for MATIC.
Major Liquidation levels
As of now, the two major liquidation levels are near $0.464 on the lower side and $0.489 on the higher side, according to CoinGlass data.
If the sentiment remains unchanged and the price rises to $0.489, nearly half a million dollars worth of short positions will be liquidated. Conversely, if the sentiment changes and the price falls to $0.464, nearly $2.7 million worth of long positions will be liquidated.
MATIC Price Momentum
At press time, MATIC is trading near $0.48 and has experienced a price surge of over 7.5% in the last 24 hours. Meanwhile, its trading volume has also skyrocketed by 48% during the same period, indicating increased participation from traders.
