This week has been a tumultuous period across the crypto space as most altcoins continued to turn weak. Matic decreased by 3% since yesterday and is now looking weak daily, gathering momentum for a breakdown.
Last month’s trading saw Matic through a small bounce (at $0.42) after reinitiating drops in the preceding month. That bounce brought a small price retracement but it unfortunately encountered resistance at $0.56.
It lost steam in the mid-month and resumed bearish daily. It has seen a notable reduction and is now on the verge of losing last week’s support.
Going back to where Matic started to decline from $1.3 to where it is trading now at $0.49, it has seen over 70% correction so far. Although the bearish party is likely to finish soon as the market slowly reaches an exhaustion point on the daily chart.
Looking at the recent candle formation, Matic’s supply is becoming low daily compared to when it started to lose momentum in March. This was triggered by an extreme drop in the selling volume.
If that continues to happen, the price will enter an oversold condition, where the bulls are waiting for a sizeable position to initiate an entry. For now, the bears are still in control.
Matic’s Key Levels To Watch
Source: Tradingview
While Matic is slowly charging back to June’s low of $0.428, the next level to watch for a potential breakdown is $0.35. Below this price level lies $0.3 – June 2022 low.
Currently, there’s no room for the bulls in the market. The current holding resistance right now is $0.56 – July’s high. If the market bounces back above it, the next line of resistance would be $0.645 and $0.77.
Key Resistance Levels: $0.56, $0.645, $0.77
Key Support Levels: $0.428, $0.35, $0.3
- Spot Price: $0.49
- Trend: Bearish
- Volatility: Medium
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
