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The MATIC/USDT pair resonated in a rising wedge pattern from late July to mid-August. This bearish pattern after a long recovery rally suggested the losing bullish momentum. Furthermore, on August 15th, the coin price reverted from the confluence resistance of $1, 200-day EMA and resistance trendline and triggered a bear cycle within the wedge pattern,
Key points MATIC analysis:
- The MATIC price has depreciated 26% since last week.
- The correction phase has plunged the MATIC price to 0.382 Fibonacci retracement levels
- The intraday trading volume in the MATIC is $553.2 Million, indicating a 20.2% loss
Source- –Tradingview
Amid the correction sentiment in the crypto market, the MATIC price gave a bearish breakdown from the pattern’s support trendline.
This pattern completion aligned with the recent news from the US Fed suggesting a 0.75% interest hike in September accelerated selling momentum. Thus, the post-breakdown rally tumbled the prices by 18%, where it hit the local support of $0.762.
This support level stalled the current correction phase and reverted the MATIC price to 4.35% higher, where it currently trades at $0.8. However, the bullish candle backed by low volume activity indicates weakness in bullish commitment.
Thus, an expected bullish reversal from the $0.762 level may trigger a temporary rally to stabilize the aggressive selling. Furthermore, the relief rally will likely hit the combined resistance of $0.875 and the 20-day EMA.
If sellers sustain the MATIC price below the $0.875 flipped resistance, the potential downfall could breach the $0.762 support and extend the current correction to $0.673.
On a contrary note, if the relief rally gives a candle closing above $0.875, the buyers will get another opportunity to reclaim $1.
Technical Indicators
EMAs: the MATIC price reverted from the 200-day EMA slope, indicating an overall bear trend. The coin price nosedive below the 20-day offers an extra edge to sellers.
Vortex indicator: A wide spread between the VI+ and VI- slope after a bearish crossover indicates rising selling pressure in the market. With no sign of weakness yet, the indicator bolsters the correction theory.
- Resistance levels- $0.875 and $1
- Support levels- $0.762 and $0.673
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