In the daily time frame chart, the MATIC coin price shows a V-top reversal from the $1.53 resistance. This type of bearish reversal signals a directional downfall and strong commitment from the sellers. So far, the MATIC price has lost 24.5% over a fortnight and plunged to $1.175. Here’s how this support may influence this altcoin’s near future.
- The 0.5FIB level at $1.175 creates a strong support
- A potential breakdown from the $1.175 support may plunge the MATIC price 8.5% down to hit the $1.06 mark.
- The intraday trading volume in the MATIC is $401 Million, indicating a 20% loss.
Amid the ongoing correction phase in the crypto market, the MATIC price breached the $1.3 support which was previously the last swing high resistance. Thus, this breakdown accelerated the current selling pressure in the market and plummeted the coin price to a combined support of $0.5 Fibonacci retracement and $1.175.
On March 3rd, when the crypto market faced a sharp sell-off, the MATIC sellers tried to breach $1.175. However, this attempt failed and left a long-lower price rejection candle at the aforementioned support.
This long tail attached to the daily candle indicated that the buyers are actively defending this level. Thus, the polygon coin is likely to bounce back from this support and revisit the $1.3 as a potential resistance again.
Also Read: Top Eco-Friendly Crypto Projects To Invest In 2023
This $1.3 level is crucial for coin holders to determine the future price of MATIC coin,
Thus, if the prices turned down from the $1.3 resistance, it would indicate the market sentiment has flipped from buying on dips to selling on rallies. If this happens, the sellers may soon give another breakdown attempt from the $1.17.
A breakout above $1.3 will hint at the replenished bullish momentum and try to resume the bullish rally.
RSI: The daily RSI slope dived deeper into the bearish territory indicating the growth in underlying selling momentum.
EMAs: amid the recent downfall, the MATIC price lost the 20-day EMA slope, which now flipped to potential resistance and can assist the seller to prolong the correction fall.
MATIC Coin Price Intraday Levels
- Spot rate: $1.16
- Trend: Bearish
- Volatility: Low
- Resistance levels- $1.3, and $1.37.
- Support levels- $1.18 and $1.07
The post Sellers In Control May Pull MATIC Price Below $1.5 Mark; Keep Holding? appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks