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With the increasing bearishness in the crypto market, the Matic coin price is extending its ongoing correction phase initiated in February mid. So far a V-top reversal from $1.53 has tumbled the coin price by 26.65% and has eradicated 50% of gains the coin holders witnessed during the January rally. Here’s how long the MATIC price prolongs its downfall until it recuperates the exhausted bullish momentum.
Key Points
- A bearish breakdown from the $1.16 support puts MATIC at risk of another 7% downfall
- The 200-day EMA closing to the $1.05 mark will increase the support strength of this level
- The intraday trading volume in the MATIC is $293.3 Million, indicating a 22.8% loss.
Source- -Tradingview
On February 18th, the MATIC price turned down from the $1.53 mark and triggered a new correction phase. The resulting V-top reversal breached several important support levels such as the last swing top of $1.3 and most recently the 0.5 Fibonacci retracement level.
This type of bearish reversal indicates strong commitment from sellers and intense selling pressure in the market. As mentioned above the coin price gave a bearish breakdown of 0.5 FIB level at $1.16, offering sellers an additional flipped resistance to bolster further downfall.
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The potential downfall could plummet the price by 7% down to reach the combined support of $0.618 FIB and $1.05. The buyers should manage to sustain above this support as any further downfall will weaken the probability of uptrend resumption.
Technical Indicators
RSI: The daily RSI slope dives deeper into the negative territory indicating growth in underlying bearishness.
EMAs: The falling MATIC price recently breached the dynamic support of 20-and-50-day EMA slopes which could now act as significant resistance against potential growth.
MATIC Coin Price Intraday Levels
- Spot rate: $1.12
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $1.16, and $1.3
- Support levels- $1.05 and $0.93
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.
Source: https://coingape.com/markets/matic-price-loses-50-retracement-level-amid-market-correction-whats-next/