- MATIC token at a very crucial support level of $1.31
- The MATIC/BTC pair is trading at 0.00004287 with an intraday loss of 15.35%
- The 24hr volume of MATIC has increased 32% in the last 24 hours.
In the daily technical chart of MATIC Token, after recovering the dip, the price failed to rise above the $2.33 level close to the Fibonacci level of 0.236, giving long wick rejection leading to a freefall in coin price. Presently, the price continues to fall while trading at $1.38, with an intraday fall of 16.17%.
According to the EMA’s, Matic token is trading between 20 and 50 EMA, indicating that the bullish trend is still intact despite the downtrend showcased by the price action because of continuous red candlesticks. Thus 50, 100, and 200 EMA will act as a strong support if the price continues to fall.
The RSI is currently at 46 with a downward slope, indicating the bears are in power.
MATIC Token Falls Out Of Descending Triangle In 4-hour Technical Chart
In the 4-hour technical chart, The Matic token was trading inside a descending triangle having a solid support level of $1.54. However, the price has recently broken this level. The price may continue this trend further after a retest—the $1.33 and $1.00 act as support.
The MACD indicator is trading below the neutral zone, indicating the bearish momentum. Also, investors can see the bearish crossover of the MACD line and a signal line showing more weakness in price.
Conclusion – As per the technical analysis using price action, the fallout of the descending triangle in the daily time frame could lead to the downfall to the $1.00 level. As for now, the price is ready to give a retest. Investors should wait for a retest for the fallout before entering the market.
Support- $1.33 and $1.00
Resistance- $1.96