- The MATIC coin price resonating inside a small range in the daily time frame
- The MATIC/BTC pair was trading at 0.00003035 BTC with a loss of 1.30%
- The current price of the MATIC coin stands at $1.02, established on the back of a 2.16% decrease in the past 24 hours.
The MATIC coin price, after its last fall in late June month, has entered a small consolidation phase with no signs of reversal or breakout yet. The crucial resistance and support for this range are $1.2 and $1, respectively. Therefore, once the price gives a breakout from these levels, traders can grab a strong directional move in this coin.
Regarding the EMA’s, the MATIC coin is trading below the 20, 50 and 100 EMA, indicating a bearish trend in the coin. However, these crucial EMA’s are slowly accumulating at a certain point as the price itself is moving sideways. As for the, 200 EMA is moving near the lower price, ready to provide a proper valid MATIC coin.
The RSI (BEARISH) value is at 38, indicating the bearish sentiment in the token. Although the RSI is currently in the overselling zone, it also shows a sideways movement, not favouring the bulls nor the bears of the market.
MATIC Coin Is Hovering Near The $1 Support Level
The MATIC coin in the 4hr time frame shows the price is dwelling near the $1 support. While performing this inactive movement, the price has already tested the $1 support three times, creating another short-range, which traders can use as a confirmation of price bouncing from this support level. However, the trader should be cautious about the in-between traditional pivot levels, which could provide good resistance to the MATIC coin.
The MACD indicator (NEUTRAL) shows the MACD and the signal line is moving around the neutral zone(0.00), giving multiple crossovers among them, indicates a neutral and unclear momentum in the price.
Conclusion: From the technical perspective, the coin price is taking a rest in this small consolidating range before it could provide a strong directional move. Therefore, traders should wait for the price to break out from this range, which could provide them with a solid directional move in this coin.
Support– $1
Resistance- $1.2