- The downtrend of the MATIC coin shows a falling channel pattern
- The MATIC/BTC pair was trading at 0.000321 BTC with a loss of 0.51%
- The current price of the MATIC coin stands at $1.11, established on the back of a 0.24% decrease in the past 24 hours.
In the daily time frame, MATIC coin shows a formation of a falling parallel channel pattern leading the price to the deeper level. However, the price has been halted by the same $1 crucial support, which stopped the sudden fall of the May month. Currently, the price is moving sideways and slowly closing towards the resistance trendline investors can expect a strong directional move.
Regarding the EMA’s, the MATIC coin is getting strong support, more the 100 EMA coinciding with the $1 support level. In addition, there is also a bearish crossover of the 20 and 50 EMA siding with bears. And for the 200 EMA is moving lower to the price and should act as good support.
The RSI (BEARISH) value is at 41, indicating the bearish sentiment in the token.
MATIC Coin Breakout From A Short Trendline In The 4hr Time Frame
In The 4hr time frame chart of the MATIC coin, after getting rejected from the $1.6 level, the price started a new downtrend till the support trendline; right now, the price has just given a breakout from this trendline which should help the price to reach resistance trendline of its parallel channels, opening new opportunities for MATIC traders.
The MACD indicator (BULLISH) shows a bullish crossover of the MACD line and signal line moving towards the neutral zone, whose breakout will shift the momentum from bearish to bullish.
Conclusion: From the technical perspective, the overall sentiment of the coin is bearish, lead by the falling parallel channel pattern in the daily time frame, currently the price seems to be moving towards the resistance trendline, and price action from that level should offer great opportunities.
Support– $1
Resistance- $1.2