MATIC Technical Analysis: High Supply Flow At Trendline Delays Breakout 

Key technical points:

Past Performance of MATIC

The MATIC price trend remains bearish under the influence of a solid resistance trendline for over three weeks. The recent rally to trendline support has increased the altcoin to 8.5% to challenge the trendline, but it forms a higher price rejection candle. The long-wick represents the bullish failure of the breakout attempts and further continues the sideways trend above $0.57.

Source- Tradingview

MATIC Technical Analysis

The bullish reversal in MATIC prices comes with a boom in buying pressure but fails to surpass the resistance trendline. This signifies a formidable selling pressure above the trendline that keeps the bullish growth under check. However, the $0.57 level, close to the crucial psychological support of $0.50, stands strong and aims to avoid any further depreciation under $0.57. The DMI indicator shows the DI lines getting closer, displaying a high likelihood of a crossover signifying a bullish trend reversal.

The MACD and signal lines keep increasing as they move closer to the zero line following the recent crossover. And the uptrend in MACD histograms displays an overall growth in underlying bullishness. Additionally, the RSI indicator shows the bullish trend crossing above the 14-day SMA line (yellow) and advancing towards that halfway point. In a nutshell, the indicators display a lack of bullish commitment for MATIC tokens, which led to the breakout failure.

Upcoming Trend

If the price of sellers exceeds the lowest support $0.57, the price could drop 20% lower to the $0.45 mark. But, a potential breakout out of the resistance trendline might bring relief and pump the altcoin up to 25% up to $0.788 resistance.

Resistance Levels: $0.788 and $1

Support Levels: $0.57 and $0.46