Matic took a downturn this week after failing to sustain bullish above the $1 level in the past month. It encountered another resistance this month and seemed to have lost buzz on the lower time frame.
Last month saw Matic through significant growth following a 40% surge near a psychological level. Unfortunately, the rally stopped after testing the $0.98 range with a sharp rejection.
This later culminated in a two-week pullback before locating support at $0.72. The price bounced back well and crossed into this month on a positive note. Last week, the bears intercepted the rally again and brought the price below the $0.9 level.
As can be seen on the daily graph, Matic is now facing down as it aims for the $0.80 level. The trend is already turning bearish on the hourly chart.
From a technical standpoint, the short-term bullish rally we saw in the past months appeared to have come to an end following several price rejections in the past few days. A corrective phase seems to be in play.
However, due to the speculative nature of the market, it may resume buying if the recent rebound level holds firmly. If not, a breakdown from there will confirm bearish momentum on the daily chart. Albeit, there’s still hope for a bullish continuation.
Matic’s Key Levels To Watch
Having lost steam this week, Matic is now slowly rolling back past months of gains. A drop below the $0.80 level could bring the price back to the $0.725 support that provided a rebound late last month. The $0.60 level is the next support to watch if a crackdown occurs.
A rebound from the current trading level should bring recovery back to the $0.945 and $0.983 resistance levels, held as November and December’s highs. A slight breakup should allow the price to test $1 before surging to $1.1.
Key Resistance Levels: $0.945, $0.983, $1
Key Support Levels: $0.80, $0.725, $0.60
- Spot Price: $0.84
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.