MATIC Technical Analysis: Crashes Polygon Prices Halt At $0.50

Key technical points:

Past Performance of MATIC

MATIC price action showcases a bullish reversal from $0.33 resulting in a rounding bottom breakout rally surpassing the long-coming resistance trendline. The bullish reversal reaches the $0.60 mark and accounts for a 76% jump with a rising trend in trading volume. However, the sellers at $0.60 overtake the price trend with an evening star pattern formation and retests the $0.50 breakout.

Source- Tradingview

MATIC Technical Analysis 

The bullish candle forming near $0.50 teases a trend reversal in MATIC prices but the higher price rejection in the previous candles warns against entering early. Hence, traders hoping for a reversal from the psychological mark of $0.50 must wait for a price action confirmation. The DMI displays the DI lines succumbing under increased selling rpessure resulting in a bearish crossover. However, the reversal from the $0.50 can help the DI lines regain bullish alignment.

The MACD and signal lines showcase a fall in the bullish spread as they get closer to the zero line while maintaining a positive alignment. Hence, the possibility of a bearish crossover increases in the daily chart. The RSI indicator shows the slope retracing the bullish steps after dipping under the halfway line. Hence, the indicators showcase growth in selling pressure warning a dip under $0.50. In short, the MATIC technical analysis shows a higher likelihood of sellers driving prices under $0.50

Upcoming Trend

If MATIC prices close under $0.50, the downfall will retest the bottom support at $0.33 with higher chances of fallout.

Resistance Levels: $0.60 and $0.78

Support Levels: $0.50 and $0.33