- MATIC token at a very crucial support level of $1.58
- The MATIC/BTC pair is trading at 0.00004433 with a loss of 5.35%
- The 24hr volume of MATIC is $2,350,425,276.41
In the daily technical chart, after showing remarkable recovery in MATIC token, the price faced strong resistance at $2.45 which was also near the Fibonacci level of 0.236, giving long wick rejection generating a descending triangle. Presently, the price continues to fall while trading at $1.62 with an intraday fall of 10.29%
According to the EMA’s, Matic token is trading above all the vital EMA’s 20-50-100,200 indicating that the bullish trend is still intact, though the price action is indicating a downfall because of the descending triangle pattern, thus each of these EMA’s will act as a strong support if price starts falling
The MACD indicates strong bearish momentum, as after the bearish crossover of the MACD line and signal line they are traveling towards the strong selling zone without any reversal hints, also the histogram showing rising red bars as bears are getting stronger.
The 4-hour Time Frame Matic token is trading in a tight range
In the 4-hour time frame, The Matic token is traveling in a short-range having the absolute resistance of $1.96 and the support of $1.6, this range will act as a no-trading zone and can also provide an entry for any breakout in the upside too.
The RSI is currently at 32, indicating the bears are in power.
Conclusion-From the technical point of view, the descending triangle in daily time frame could make the price fall strongly to the $1.06 level, as for now the range in 4hour time frame provide us a no-trading zone, investors should wait till the price to give breakout from any of the absolute levels of the zone before entering the market
Support- $1.57, $1.07
Resistance- $1.96