The MATIC price retraces to the support trendline of the rising channel in the daily chart. The increased trend-momentum of the downfall threatens the breakout of the support trendline. However, the falling prices are close to the confluence of the trendline and the $2 mark. Therefore, the possibility of a bullish reversal is still on the table.
Key technical points:
- The MATIC price rests close to the support trendline of the rising channel.
- The DMAs (20 and 50) give a bearish crossover.
- The intraday trading volume in the MATIC coin is $1.38 Billion, indicating an 8.23% fall.
In our previous MATIC price analysis, the coin price was close to the $2.5 mark with the intention to overcome the selling pressure. However, the selling pressure undermines the bullish attempts.
The coin price falls to the support trendline, and the $2 psychological support level as the selling pressure near the $2.5 mark overtakes the trend control. However, the support trendline remains a crucial demand level that has pushed the price higher multiple times.
The MATIC price trading is above the crucial DMAs(20, 50, 100, and 200), with the 20 and 50-day DMA giving a bearish crossover.
The Moving average convergence divergence shows the MACD and Signal lines falling below the zero line mark. Moreover, the rising trend in bearish histograms indicates a rise in underlying bearishness.
MATIC Price Fails To Break Below The $2 Psychological Mark
The MATIC price has fallen more than 10% in just three trading days. Nonetheless, the price action fails to break below the $2 mark. Therefore, the reversal possibility remains strong that can push the price higher above the $2.45 mark.
On the contrary note, the price violates the $2 and support trend, the crypto traders could expect a significant fall in MATIC price.
The traditional pivot suggests the important support levels for MATIC price is at $1.80, followed by a $1.45 horizontal level in the daily chart. Meanwhile, the resistance levels are $2.45 and $2.90.