Matic’s bearish structure remains intact but is now trading calmly in a demand zone after losing more than half of its value in three months. This could be a turning point for the asset if the bulls act upon the zone.
After undergoing a series of reductions in the past months, Matic finally revisited its local bottom and halted drops above a key level last week. The market has remained indecisive ever since as it decides on the next direction.
Technically, things are looking calmer as trading volatility continues to shrink on a daily scale. This selling exhaustion suggests that the price has reached an extremely oversold area. As can be seen on the price chart, the asset is now trading at the demand zone – a potential turning point.
Now that the price is back in the mentioned zone, we can anticipate a fast buyback when a bounce occurs. Looking at the market structure, the crypto is still under the bears’ radar from a technical standpoint.
Right now, there are no signs of strength in the market. If the bulls fail to act upon the latest weakness, it will continue to look for solid ground.
Matic’s Key Levels To Watch
Once again, the crucial $0.5 level has acted as support. A collapse below this level could facilitate a massive price breakdown to the $0.4 and $0.3 levels in no time. As it stands, such a scenario doesn’t look realistic at the moment.
The most-anticipated move from the current trading level is a bounce. If that happens, the primary resistance for a test would be $0.645, followed by $0.77 and $0.853. The $0.95 level is the next resistance to watch.
Key Resistance Levels: $0.645, $0.77, $0.853
Key Support Levels: $0.5, $0.4, $0.3
- Spot Price: $0.55
- 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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