The MATIC rally has ended after hitting a new all-time high of $2.9. The price is currently correcting and is fast approaching the $2 mark.
After a great performance towards the $2.9 high, MATIC has lost momentum and is currently correcting towards the key $2 support. The $2.4 level was confirmed as resistance and the price formed a lower spike there.
On the way up, MATIC formed a large bearish wedge (shown in blue on the first chart) and now the price appears to be breaking below the pattern. The cryptocurrency is likely to continue correcting or consolidating over the next few days.
Source: TradingView
RSI: The daily RSI is making lower highs, which is a typical sign of a downtrend. This will likely continue until MATIC finds new support.
MACD: The daily MACD failed to form a bullish cross and fell into negative territory. Support downtrend continuation.
Source: TradingView
MATIC’s current trend is down.
It is currently approaching the $2 support. Losing this level can lead to a quick drop towards $1.8. Price action and technical indicators suggest that a break of this support level is very high.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Bitfinex data leak allegedly by FSOCIETY includes 2.5TB of exchange data and 400K users' details.…
According to Parsec, Friend Tech v2's launch disappointed many, with 95% users unable to claim…
LayerZero sybil airdrop farmers offered a 15% allocation incentive; non-compliance results in an 85% reduction.
New MakerDAO tokens, NewStable and NewGovToken, were introduced to improve stability and governance.
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
Bitcoin and Ethereum options contracts worth $2.4bn expire on May 3, potentially causing market volatility.…
This website uses cookies.