- MATIC Token price action forms a double top pattern in the daily chart.
- The recent downfall increases the chances of a fallout of the bearish pattern.
- The pair of MATIC/BTC is trading at 0.00003211 BTC with an intraday move of +6.28%
MATIC Token price faces rejection near the $2.20 mark, resulting in the double top pattern formation. However, the neckline of the double top pattern is near the $1.85 mark. Hence, closing below the $1.85 level could result in a downfall.
Pivot point analysis has shown that the resistance levels of the Token are at $2.20, following $2.40. However, if the price drops below $1.85, sellers could face resistance at $1.65 and $1.50.
MATIC Token trades for $2 and has experienced a 4.31 rise in market capitalization within 24 hours. In addition, the intraday trading volume increased by 65% over the last day.
How Likely Is The Downfall In MATIC Token Price?
MATIC token price approaches the $1.85 mark with bearish candlestick formations. However, the neckline near the $1.85 mark aligns with the crucial support level of 50% Fibonacci Levels in the 4-hour chart.
The MATIC token price shows a bullish trend, with its price trading higher than all the important EMAs 20, 50, and 100. These EMAs can provide support to the falling MATIC prices due to the recent evening star pattern.
As the slope spikes up in the daily chart, the RSI indicator predicts a boom in the underlying bullishness with the rise in price action.
The MACD indicator shows the MACD and signal lines rising higher in the daily chart. Furthermore, the lines indicate a buy signal as the fast line is above the seller’s line. However, the increasing proximity of the lines suggests the possibility of a bearish crossover.
Conclusion: MATIC Token Price action indicates a rise in selling pressure evident by the double top pattern in the 4-hour chart. Moreover, the shooting star candlestick in the daily chart increases the chances of a downfall.
Resistance– $2.20 or $2.40
Support– $1.65 and $1.50