NewsletterMATIC 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
- Crypto Lawyer Bill Morgan Praises Ripple’s Multi-Chain Strategy as RLUSD Hits $1.1B
- Michael Saylor Teases New Bitcoin Buy As ‘Orange Dots’ Return
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
