MATIC Technical Analysis: Price Likely to Fall Below the First and Second Support Levels of $1.42 and $1.02
Polygon (MATIC) is a well-structured network that provides an easy-to-use platform for Ethereum. The core components used are Polygon SDK that supports multiple application mechanisms. Polygon is a layer-2 scaling solution, it aims to make cryptocurrencies widely accepted. The following MATIC technical analysis will predict the price trends for the next two days:
On June 8, 2021, MATIC opened at $1.58. On June 14, 2021, MATIC closed at $1.55. Thus, in the past week, the MATIC price has decreased by approximately 1.8%. In the last 24 hours, MATIC has traded between $0.36-$1.60.
Day-Ahead and Tomorrow
Currently, MATIC is trading at $1.58. The price has increased from the day’s opening price of $1.44. Thus, the market seems bullish.
The MACD and signal lines are near-zero range. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may rise further.
Currently, the RSI indicator is at 51.90%. It faced rejection at 39.64% and rose to this level. Thus, buying pressures are slowly mounting for MATIC. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
On the daily chart, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the MATIC price.
In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
MATIC Technical Analysis
Currently, the price is below the second Fibonacci pivot point of $1.66. If the bears remain strong till day end, then the price is likely to fall below the first, and second, support levels of $1.42, and $1.02, respectively.
The price is trading below the 38.2% FIB retracement level of $1.66. It may soon fall below the FIB retracement level of $1.42. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.
However, on the upside, if the resistance of level $1.70 is broken, it will highlight the next resistance at $1.96, which can be kept as the target for the long call.
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