MATIC Technical Analysis: Trendline Retest Struggles To Revert Trend

Key technical points:

Past Performance of MATIC

MATIC coin price fell by 20% within a week to retest the broken resistance trendline after falling to surpass the EMAs in the daily chart. The reversal breaks below the $1.50 support zone, and the post-retest reversal from the trendline must surpass the $1.50 zone for uptrend continuation.

Source-Tradingview

MATIC Technical Analysis 

MATIC coin price shows a bullish reversal from the resistance trendline, accounting for a 6% jump in the last 48 hours. However, the prices struggle to get a closing near the resistance zone resulting in a long wick formation.

The crucial daily EMAs are on the verge of achieving bearish alignment with the 50 and 100-day EMAs bearish crossover. Moreover, the falling trend of the crucial EMAs is ready to provide dynamic resistance to keep the downtrend going.

RSI Indicator: The RSI slope falls under the halfway mark and the 14-day average line after a long consolidation in the nearly overbought zone. However, the RSI value is regaining bullish steps and climbing to surpass 50%.

Stochastic RSI: The K and D lines are united in the oversold territory and gradually gain bullish space. 

In a nutshell, the MATIC technical analysis stresses the selling opportunity near the $1.50 mark.

Upcoming Trend 

The MATIC coin price shows a quick upside reversal from the resistance trendline to retest the $1.50 fallout. However, traders can expect the post-retest reversal to reach the $1.20 mark if the buyers fail to surpass the 50-day EMA. 

Support Levels: $1.35 and $1.20

Resistance Levels: $1.50 and $1.70