MATIC Price Analysis: MATIC Retraces From ATH as Crypto Sells Off

MATIC has had an awesome last month as price rose over 300%. MATIC hit an ATH of $1.22 but shortly after fell as the entire market took a hit. MATIC has risen drastically and now may be the time to be concerned of large potential retracement.

The large bold trends represent a broadening wedge that has formed over the last week. The pattern can be either bullish or bearish as a breakout of either trend will produce a large parabolic move. As seen on the chart, MATIC just has a rejection on its top trend line. If price can’t hold minor support of $1.02, expect a pullback to major support of $0.92.

MATIC Price Analysis: MATIC/USDT 4 Hr Chart

During the fast decline price bounced perfectly off the 30MA. This level is met with major support of $0.92 and if these levels break down, expect a retracement to $0.84. In the case bulls gain more strength, the level to break and hold is $1.17.

While looking at the MACD we can see a bearish cross is impending. The histogram confirms this as its about to tick red after a long bull streak. The stochastic is heading down nearing the 50 level. If this fails to hold we can confirm more retracement is ahead.

MATIC intraday levels

Spot rate: $$1.03
Trend: Bullish
Volatility: High
Support: $1.02
Resistance: $1.17

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic CoinGape

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.