MATIC Price Loses 50% Retracement Level Amid Market Correction; Whats’ Next?

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.
Also Read: Top 5 NFT Game Development Companies In 2023 ; Here’s The List
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
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying