Main levels of support: $1.6, $1.4
Key Resistance Levels: $1.8, $2
The price of MATIC saw a sharp decline after hitting the $2 resistance and fell to $1.6 at the time of this article. If the correction continues, the cryptocurrency can count on good support at $1.4. Current resistance stands at $1.8.
Technical Indicators
Trading Volume: In the past five days, the volume has closed in red, singling a strong pullback after buyers failed to push MATIC above $2. Bulls do not seem to be very interested in MATIC right now, and they might be waiting for lower levels to participate.
IRS: The daily RSI is falling in line with the price. The question is whether MATIC can stop the correction here or if the price will continue to drop to $1.4. Either way, it’s important that the RSI doesn’t bottom out.
MACD: The daily MACD is quickly approaching a bearish cross. Therefore, it is important for buyers to defend the price at $1.6 otherwise, this correction will likely continue for some time.
bias
The current bias for MATIC is bearish. There is very little buying pressure or interest from buyers at the moment.
Short-Term Price Prediction for MATIC
MATIC has good support at $1.4 and will likely test this level again if bulls do not step up their game. The price action remains bearish and the indicators do not give a lot of hope right now for a reversal.
