MATIC experienced a price pullback to $0.53 and has since encountered a slowdown in its bullish momentum, with losses of 1.5% over the past 24 hours and 4.8% for the week. The altcoin is currently hovering around a critical support level, which suggests that bears could dominate future trading sessions unless the price moves away from this support zone. To regain bullish traction, MATIC must maintain a price above the current support level. However, to fully restore its bullish momentum, it needs to trade above the significant resistance level of $0.85. The slight decline in MATIC's market capitalization indicates a potential slowdown in daily buying strength.
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"MATIC Bullish Momentum Weakens, Key Levels to Watch" MATIC Price Analysis: One-Day Chart
MATIC is currently trading at $0.75, which marks a decline from its previous position at $0.90. The coin has made an attempt to recover but is currently stuck at a crucial support level of $0.75. This price mark is significant as a failure to sustain it could lead to a loss of buyer momentum, potentially pushing the price down to $0.65. If MATIC falls below $0.65, it may further drop to $0.60. For an upward trend, MATIC must surpass the $0.80 level in the upcoming trading sessions. Achieving this could propel MATIC towards the challenging resistance at $0.85, a historical price ceiling for the altcoin. "MATIC Bullish Momentum Weakens, Key Levels to Watch"
Technical Analysis
Due to a decrease in demand, the altcoin has experienced a decline in buying strength as it failed to maintain its price at $0.76. Although the Relative Strength Index (RSI) remains above the half-line, there has been a noticeable decrease in the presence of buyers.
If the price continues to be pushed down by bears, sellers may gain complete control over the price action. Additionally, the altcoin's price is slightly above the 20-Simple Moving Average (20-SMA) line.
However, in the next trading session, it is possible that MATIC may dip below the 20-SMA, indicating a gradual exit of buyers from the market.
The altcoin's daily chart indicates a decrease in buyer activity, with a sell signal becoming evident as shown by the Moving Average Convergence Divergence (MACD) displaying a red histogram. The Directional Movement Index (DMI) also indicates a negative direction for the asset, with the -DI line crossing over the +DI line, pointing to a bearish movement. The Average Directional Index (ADX) has dipped and is close to the 20-mark, suggesting a weakening strength in the bullish price action.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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