MATIC Technical Analysis: Buyers Struggle For A Reversal

Key technical points:

Past Performance of MATIC

MATIC coin price fails to sustain above the $1.25 mark after facing rejection from the 50-day EMA. The downfall breached the $1.34 consolidation range after facing rejection from the 50-day EMA, resulting in a deflation of 10% last week. However, the support trendline and the $1.20 level are barriers to the downfall, providing hope for a reversal. 

Source-Tradingview

MATIC Technical Analysis 

The MATIC coin price shows a long-term correction rally in a falling wedge fashion accounting for a 41% downfall since February 2022. However, the recent fall below the $1.25 mark warns of a support trendline fallout.  

Achieving a bearish alignment, the falling trend of the crucial daily EMA influences high bearishness. Hence, the indicator projects a high possibility of a downtrend continuation. 

MACD Indicator: The MACD and signal lines maintain a falling trend below the zero line, reflecting a downtrend in action. The MACD histograms support a bearish trend reflecting a high downtrend possibility. 

RSI Indicator:  The RSI slope shows a gradual rise in the bearish powers as it approaches the oversold boundary under the 14-day SMA influence.  

In a nutshell, the MATIC technical analysis indicates a much higher likelihood of a trendline fallout. 

Upcoming Trend 

MATIC coin price action forecasts a breakout rally below the $1.20 mark, ready to reach the $1 support as the EMAs emit a highly bearish influence. However, the possibility of a reversal is significant to trap sellers overnight. Hence, to avoid a trap, traders must wait for a closing below $1.20 to ride a downtrend to $1.

Support Levels: $1.20 and $1

Resistance Levels: $1.25 and $1.35