Hot Crypto News Today How this reversal can turn into an opportunity for MATIC investors You Must Read To Get More Information For Trading and Investment.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
MATIC’s recent bearish pull below its three-month trendline resistance (white, dashed) broke the streak of green candles on the daily timeframe. As the altcoin enters a low volatility phase, the existing structure exhibited an outlook that is more suited for the sellers.
The 23.6% Fibonacci resistance has been curbing buying rallies for nearly a month now. A sustained reversal could aid selling efforts to retest the five-month trendline support (yellow, dashed). At press time, MATIC was trading at $0.5636.
MATIC Daily Chart
After a double-digit recovery over the last few days, the altcoin saw an expected pullback from the 23.6% level. This reversal opened doorways for a fall towards the 20 EMA (red). Meanwhile, the bulls would hope to keep the EMA from looking south again.
Also, the Point of Control (POC, red) has been an important area of value for over nearly 45 days. The clashes between the buyers and sellers have constricted the alt’s revival efforts.
Should the current candlestick close below the $0.552-level, the alt could retest the trendline support. In this case, potential shorting targets will rest in the $0.42-$0.46 range. To invalidate these selling inclinations, the bulls would need to find a close above the 23.6%-level. In this case, the potential take-profit for the calls could lie in the $0.67-zone.
The Relative Strength Index (RSI)’s recent growth slowed near the 59-mark resistance. A drop would further affirm the near-term bearish movement on the chart.
The southbound Volume Oscillator, on the other hand, revealed lower peaks. Thus, the recent move on the part of the bulls seemed rather weak. However, the altcoin’s ADX exhibited a substantially weak directional trend.
MATIC’s sustained reversal below the 23.6% level and the POC could pave a path towards the lows of the $0.42-$0.45 range in coming sessions. Post this, broader market sentiment would play a vital role in influencing the future trajectory.
However, investors/traders must keep a close eye on Bitcoin’s movement as MATIC shares a 31% 30-day correlation with the king coin.
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