- Matic price retreated towards the support along with the diagonal support and $0.205(78.6% Fibonacci level)
- Matic price volume shows a reduction in selling volumes over buying volumes.
Matic price has made a top at $0.25 zones and retreated till $0.21. Support is expected along with the approaching diagonal support and $0.205(78.6% Fibonacci level). The volume analysis shows a moderate volume indicating a continuation in the downward trend; however, the price range volume shows a deadlock between buyers and sellers, which can cause accumulation. The market capo and 24-hour volume are $1,071,229,001 and $281,727,876 respectively.
Matic Price Forming a Spinning Top, Signs Of Recovery
Left Image: Matic price is forming spinning top candles at the support at $0.18-$0.19 zones. However, the next subsequent support as per pivots lies at $0.17 and $0.094. The price may tank to $0.18 to show fresh buying pressure.
Right Image: After forming a tweezer top pattern, the Matic price has approached 10-EMA($0.2), which is followed by support levels along with $0.17(20-EMA) and $0.117(50-EMA).
The Bollinger band indicates a possible contraction(accumulation) as the upper and lower band continues to contract. The Contraction in the back often causes the coin to consolidate and bring either side breakouts. The upper band pushes down the price at $0.269 while the median(10-EMA) and lower band buttress the price at $0.2 and $0.13.
The RSI has left the overbought zones and is headed for 60-63 levels; these levels are likely to halt the downward trend and bring in a rebound in the coin.
MACD(8,21,5) has given a sell signal which might bring in bears from here and push the price below the 10-EMA. Hence, one needs to carefully approach the coin as the bears aren’t done yet while the prices have already reached support zones.
After retreating 20%, Matic price has come to a cluster of support zones at $0.2, followed by $0.18 and $0.17. The price action suggests that the downtrend is likely to continue, but the volatility is decreasing, which might bring the c0 into an accumulation phase.
Support: $0.2(10-EMA), $0.17(20-EMA), $0.13(lower BB) and $0.117(50-EMA)
Resistance: $.25(Previous top, 100% Fibonacci and Pivot – R1)