Hello and welcome to my technical analysis of the MATIC/USDT trading pair. Currently,
MATIC is trading at $1.27
Based on the chart analysis, it appears that the ascending trendline has broken down, indicating a bearish trend in the short term.
Moreover, the high time frame (HTF) ascending trendline support has turned into resistance, and $1.30 is the current resistance level.
Thus, it would be wise to wait for confirmation before opening any trade.
If the price falls below the recent low of $1.193, then we can expect the price to drop further to around $1
However, if the price breaks upward at $1.35, then we can expect a bullish trend . It is essential to keep an eye on the support and resistance levels, with the support levels at $1.07 and $0.90 and the resistance levels at $1.35 and $1.52 Additionally, the RSI is not in the overbought area. A good entry point would be when the RSI hits below 30
In conclusion, it is important to make trading decisions based on confirmation and not blindly.
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Regards:-
CryptoPatel