Matic is down 3% today following a recent price rejection. This led to a slight decrease over the past hour as bearish actions slowly returned to the lower time frame.
Matic further recovered this week and completed a retracement movement after testing $0.83. It faced rejection there and initiated a drop to where it is changing hands at around $0.79.
These drops suggest that the bears are showing interest again, which may lead to another impulsive move in the next few days. Currently, volatility looks low on the daily chart. But we can expect an expansion once supply starts to increase.
Hence, there’s hope for the bulls as the price is still within a buying range. If they regroup well to counter the latest sell signal, the price may recover higher until it meets solid resistance.
Considering the lower low and lower high pattern over the past few weeks, the bears are more likely to regain control soon. On their way down, they must conquer the important orange demand zone, which has been suppressing selling pressure for two months. The zone broke slightly last week but the price quickly bounced back.
A successful cross will confirm more downtrends. However, if this crucial demand zone fails to break, Matic may remain calm until it finds another key level to initiate drops. Its bearish trajectory is still intact on the daily chart.
Matic’s Key Levels To Watch
Facing this demand zone, there’s a support at $0.74, followed by a breakdown to $0.7. Below this price level lies the $0.667. The lower support level to watch for drops is $0.6
The latest bearish actions have halted buying in the market. If the buyers return, they must reclaim the $0.83 resistance level before pushing higher to $0.95. There’s also resistance at $1.095 if they reverse the trend.
Key Resistance Levels: $0.83, $0.95, $1.095
Key Support Levels: $0.74, $0.667, $0.6
- Spot Price: $0.789
- Trend: Bearish
- Volatility: Low
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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