The MATIC price retraces to the support trendline of the rising channel in the daily chart. The increased trend-momentum of the downfall threatens the breakout of the support trendline. However, the falling prices are close to the confluence of the trendline and the $2 mark. Therefore, the possibility of a bullish reversal is still on the table.
Key technical points:
- The MATIC price rests close to the support trendline of the rising channel.
- The DMAs (20 and 50) give a bearish crossover.
- The intraday trading volume in the MATIC coin is $1.38 Billion, indicating an 8.23% fall.
Source- Tradingview
In our previous MATIC price analysis, the coin price was close to the $2.5 mark with the intention to overcome the selling pressure. However, the selling pressure undermines the bullish attempts.
The coin price falls to the support trendline, and the $2 psychological support level as the selling pressure near the $2.5 mark overtakes the trend control. However, the support trendline remains a crucial demand level that has pushed the price higher multiple times.
The MATIC price trading is above the crucial DMAs(20, 50, 100, and 200), with the 20 and 50-day DMA giving a bearish crossover.
The Moving average convergence divergence shows the MACD and Signal lines falling below the zero line mark. Moreover, the rising trend in bearish histograms indicates a rise in underlying bearishness.
MATIC Price Fails To Break Below The $2 Psychological Mark
Source-Tradingview
The MATIC price has fallen more than 10% in just three trading days. Nonetheless, the price action fails to break below the $2 mark. Therefore, the reversal possibility remains strong that can push the price higher above the $2.45 mark.
On the contrary note, the price violates the $2 and support trend, the crypto traders could expect a significant fall in MATIC price.
The traditional pivot suggests the important support levels for MATIC price is at $1.80, followed by a $1.45 horizontal level in the daily chart. Meanwhile, the resistance levels are $2.45 and $2.90.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/97900-2/