Polygon MATIC continued to maintain its sideways movement on a short-term scale. It is still trading around a wedge’s lower boundary but currently appears calm on the day after witnessing steady drops for three days.
Matic appeared to be trading in a tight price range for a couple of weeks, showing weakness as it failed to break away. After witnessing a week of consolidating, it took a downturn this week and saw a double-digit loss.
However, it has managed to stay above the $0.68 level in the past hours and is now looking calm at $0.7 on the daily chart. Due to the ongoing weakness in the price, it may post more losses if that level fails to hold.
Looking at the price actions, the asset continued to move sideways since it found solid support at the $0.6 level in April. Losing this support could lead to a big crash from a short-term perspective and also validate a breakdown of the broadening wedge forming for the past six months.
But from the look of things, Matic’s market structure is more likely to shift to the upside soon. If that happens, we should expect a massive rally to the upper boundary of the wedge
As it stands, Matic is still finding it difficult to initiate a notable surge in volatility. A significant increase above the crucial $0.77 resistance level should trigger a major shift in the trend. The trend remains neutral-bearish at the moment.
Matic’s Key Levels To Watch
If Matic reclaims the crucial resistance, the immediate level to watch for a surge is $0.853. Above it lies the $0.95 and $0.11 levels respectively.
Currently, the selling pressure is temporarily suspended. If it resumes due to supply, the levels to watch for drops would be $0.645 and $0.6 On the way down. $55 is the next level to watch in case of more dips.
Key Resistance Levels: $0.77, $0.853, $0.95
Key Support Levels: $0.645, $0.60, $0.55
- Spot Price: $0.7
- 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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