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.
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
Traders are bracing for another crypto options expiry and US CPI inflation release today, with…
The crypto market is glowing green as bullish sentiment returns. This comes amid positive developments…
21Shares updates its Sui ETF application with the U.S. Securities and Exchange Commission (SEC). The…
Democrat Elizabeth Warren has made sharp attacks with "fraud" and money laundering allegations, following US…
The crypto market is bracing for volatility after the U.S. President announced the termination of…
Coinbase CEO Brian Armstrong has said he expects the long-awaited U.S. crypto market structure bill…