Over the past month, the MATIC price resonated in a symmetrical triangle pattern of the daily time frame chart. Amid the recent sell-off in the crypto market, the bears took the lead and pierced the bottom support trendline. Can bears sustain the selling pressure, or do the buyers have a comeback chance?
Key technical points:
- The MATIC price nosedived below the 200 DMA
- The intraday trading volume in MATIC is $963.5 Million, indicating a 17.5% loss.
Source- Tradingview
On February 10th, the MATIC price turned down from the shared resistance of 50 DMA and $2 psychological levels, resulting in a 20% fall to the bottom support trendline($1.6).
However, the buyers defended this support trendline and bounced back with a morning star pattern. The bull cycle soars 16.5% and reaches the $1.88 mark.
The down-sloping 50- DMA indicates the bears are aggressively selling. Moreover, the coin price declines below the 200 DMA, and a bearish crossover among the 20 and 100 DMA encourages the ongoing.
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The daily-Relative Strength index slope wavering around the midline signals indecisiveness among the market participants. However, the recent fall below the midline accentuates the bearish sentiment.
Retest Phase To Validate If Sellers Are Ready For $1.3
Source- Tradingview
The MATIC buyers couldn’t rally higher and reverted from the $1.88 mark. The increasing selling pressure in the crypto market bolsters the bears in breaching the bottom support trendline, providing a short entry opportunity.
The altcoin is currently retesting the breached trendline to find sufficient supply pressure. If sellers sustain the price at this level, MATIC price would plunge to $1.5, followed by $1.3.
The Moving average convergence divergence indicator shows the MACD and signal line sinks below the neutral zone(0.00), indicating the increasing bearish momentum.
- Resistance levels- $2 and $2.4
- Support levels- $1.5 and $1.3
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