Matic Network Price Analysis: Bulls Need a Break, Says Volume and Bearish

  • Matic Price was recently in a bull run until it contracted this morning
  • Falling volumes show that the Matic price trend has weakened
www.tradingview.com

Matic Network’s price is down 5.8% in the last session as volume has dropped significantly. The volume of the price range shows very little participation from participants, which indicates a higher probability of reversal. Currently, the price is receiving support at $0.2329 (141.4%), followed by $0.194 (100%) and $0.17 (78.6%). Market cap and 24-hour volumes are $1,170,416,723 and $432,488,436 respectively.

Matic Network Price Forming Tweezer Top, Likely to Touch $0.2

www.tradingview.com

Left picture: On the daily charts, the price of the Matic network faced strong barriers from the pivot level – R1 and made a tweezer. The formation confirms a bearish reversal as the candle faded from an all-day gain in the coin and can lead to profits. The next pivot – P, is located at $0.17.

Right picture: The price rose quite high above the 10-EMA, 20-EMA and 50-EMA, so it formed a huge gap between the losers and the EMAs. Expect the price to drop to $10-EMA 019 or higher to $0.1622 (20-EMA) for the breather.

So far, the Bollinger Band (10-EMA) is indicating one-sided movement as the upper and lower bands head north. However, the upper band limits the price at $0.263, while the support of 10-EMA (median) and the lower band are at $0.189 and $0.115.

The RSI breaks out of the overbought territory and returns 85 levels. The support for the indicator is at the 61-65 area, so expect it to correct the price to $0.2.

The MACD(8,12,5) is also showing signs of consolidation as the faster curve has stopped rising and has consolidated. Any reversal in the final line will cause a bearish crossover which can trigger a bearish plunge.

Conclusion:

Matic network price gave a clear hint of profit booking as RSI breaks out of overbought areas, MACd prepares to consolidate, price makes a big gap with EMAs and most importantly volumes fell significantly followed by ‘a lack of participation by more bulls.

Support: $0.19 (10-EMA), $0.16 – $0.17 (Pivot – P and 20-EMA) and $0.115 (lower BB)

Resistance: $0.26 (Top BB) and $0.247 (Pivot – R1)

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