MATIC found temporary support at $1.6 but will this be enough to prevent a correction?

• Major support levels: $1.6, $1.4
• Major Resistors: $1.8, $2

MATIC fell sharply after hitting the $2 resistance and fell as low as $1.6.

If the correction holds, the cryptocurrency can drop to the strong support at $1.40. The current resistance stands at $1.8.

MATIC/USDT daily chart | Source: TradingView

Technical indicators

Trading Volume: After the buyers failed to push MATIC above $2, the trading volume has been steadily declining for the past five days. The bulls don’t seem to have much interest in MATIC right now and they may be waiting for lower levels to join.

RSI: The daily RSI is falling in price. The question is whether MATIC can stop the correction here or the price will continue falling to $1.4. In any case, it is important that the RSI does not form a lower low.

MACD: The daily MACD is preparing for a bearish cross. Therefore, it is important for buyers to keep the price above $1.6 otherwise this correction is likely to continue for some time.

MATIC/USDT daily chart | Source: TradingView

Perspectives

MATIC’s current trend is down. There is currently very little buying pressure or interest from buyers.

Short term price prediction

MATIC has strong support at $1.40 and a retest of this level is likely if the bulls fail to show strength. Price action remains bearish and technical indicators currently show little hope for a reversal.

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.

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