Hot Crypto News Today MATIC’s retest of trendline support will give way to shorting opportunity at… You Must Read To Get More Information For Trading and Investment.
MATIC’s recent bearish pull below the 40 EMA posed revival barriers for the buyers. While the altcoin enters into a high volatility phase, the existing structure exhibited an outlook that was more toward the neutral side.
The reversal from the 23.6% Fibonacci resistance bogged down the bullish efforts to potentially test the $0.675-mark. At press time, MATIC traded at $0.5402, down by 8.05% in the last 24 hours.
MATIC Daily Chart
The 23.6% Fibonacci resistance curbed the recent bullish endeavors. Thus, a reversal from this level opened doorways for a fall toward the 0.5-zone. Meanwhile, the bulls strived to uphold the 20 EMA support level.
Also, the Point of Control (POC, red) has been an important area of value for over a month. The altcoin could likely head into a compression phase near the POC.
Should the current candlestick close below the 20 EMA, the alt could retest the four-month trendline support (yellow, dashed). In this case, potential shorting targets will rest in the $0.44-$0.46 range. The Evening Star candlestick setup has further spiked the probability of an extended downfall.
To invalidate these bearish tendencies, the bulls would need to find a close above the 23.6% level and the POC. In this case, the potential take-profit for the calls could lie in the $0.67-0.7 range.
The Relative Strength Index (RSI)’s recent retracement saw a slowdown near the midline. A potential bounce-back can aid the near-term buying efforts to challenge the POC resistance.
The northbound CMF, on the other hand, depicted a slight buying bias while maintaining its position just above the zero-mark. However, a bearish crossover on the DMI indicator can affect the revival ability in the coming days.
MATIC’s sustained close below the EMA ribbons could pave a path toward the lows of the $0.44-$0.45 range in coming sessions. Post this, the 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 78% 30-day correlation with the king coin.
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