Matic is in a downward range again after facing resistance in the past week. It has lost 5% this week with no sign of stopping yet. However, the price is trading at a key support level, negotiating for the next leg down.
A week ago, Matic initiated another sell after failing to recover well from last month’s correction. It has extended bearishness and the price is now looking weaker on the daily timeframe.
The bearishness was triggered by a sharp rejection, followed by a crack below the crucial $1 level. This brought the price back to March’s support level of $0.91 and is now trading calmly above the price level.
While it is negotiating this support, we can expect a notable breakdown in the next few hours. But if the support holds firmly, we may see a small bounce before releasing selling pressure towards the $0.7 level.
This target price level corresponds with the lower boundary of the broadening wedge pattern, forming since last November. After testing it, we can expect a bounce back capable of bringing the bulls back into the market.
Looking back, Matic has lost 12% of its price in the past week with a market cap of $9.2 billion at the time of writing. More sell-off is still lurking around the corner.
Matic’s Key Levels To Watch
Currently, Matic is negotiating the multi-week $0.91 support. A crack below it could bring the price to the $0.835 and $0.75 supports before reaching the main target mentioned above.
The lost $1 level is currently serving as resistance. A climb above that level could bring recovery to $1.09 and potentially $1.17. The $1.29 resistance would be the next target level to watch for more buys.
Key Resistance Levels: $1, $1.09, $1.17
Key Support Levels: $0.91, $0.835, $0.75
- Spot Price: $0.916
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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