After declining from a 21-month high in the past month, MATIC activated another drawdown a few days ago and approaches a two months support. A huge price movement should be expected if the price drops below it.
MATIC slipped below the $0.83 level yesterday in continuation of its bearish trajectory in the past three weeks. The bulls had suffered a huge loss as they looked for a solid support level to initiate a buy.
The $0.72 and $0.74 levels, which have been serving as crucial buying zones for the past two months, may once again produce a rebound.
A crack from there could trigger a big drop to last October’s breakout level – as a retest. After that, we can expect the market to resume bullish in preparation for a long-term gain. In the opposite direction, the price may see an upswing to $1.2 if those levels hold well.
Having said that, a look at the price actions suggests more potential drops than rises. The trading levels changed to a swing low this month compared to past months of swing highs.
While the bearish candles are more revealing than the bullish ones since the start of the month, we can expect bearish actions for the rest of the month. So far, it has shed more than 18% loss since the price started to fall last month.
Matic’s Key Levels To Watch
Source: Tradingview
The potential support level to watch right now is $0.74, followed by $0.72. A crack below it could plunge the price to the $0.667 and $0.6 support levels.
Towards the upside, there are lot of resistance to watch in case of an increase. Reclaiming $0.83 and $0.9 could pave the way for the $0.95 resistance. If Matic pushes higher, the $1.03 and $1.095 would be the next buying target.
Key Resistance Levels: $0.83, $0.95, $1.093
Key Support Levels: $0.74, $0.667, $0.6
- Spot Price: $0.80
- 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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