MATIC is trading below both the 50-Day and 200-Day SMAs, indicating a bearish trend in the short and long term. Traders may utilize this current trend to sell or avoid MATIC until it recovers fully.
MATIC’s RSI reading of 22.99 suggests that MATIC is currently in the oversold zone. This also implies that the price of MATIC has rapidly declined and may be due for a possible retracement.
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The Moving Average Convergence/Divergence (MACD) below the signal line confirms the bearish trend. This suggests that MATIC is currently in a downtrend movement. The histogram also is below zero, confirming the bearish momentum.
MATIC trades between the significant support and resistance levels at $0.7438 and $01.0306, respectively. The asset has already breakthrough the first primary support of $0.9335 and is heading strongly to the next support level.With this strong bearish momentum, the bears might break the next support and eventually hit the last support of $0.51. However, if the bull could take back control, we might see MATIC hit the strong resistance level at $1.1900.
Featured image from Pixabay and chart from Tradingvi
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