Outside Source
With volume disappearing and a weak attempt to move higher, MATIC’s momentum has shifted bearish.
Key Support levels: $0.86, $0.74
Key Resistance levels: $1
MATIC’s price action is completing a head and shoulder formation, with the right shoulder being formed at the time of this post. This puts the price in a downtrend in the near term. For this reason, MATIC may soon test the support at $0.86 or even $0.74 if this formation holds true. The key support remains at the $1 psychological level.
Trading Volume: The volume continues to fall, which shows weakness.
RSI: The daily RSI fell under 50 points. This is bearish.
MACD: The daily MACD remains bullish, but the histogram is making lower highs. If buyers don’t return, a bearish cross could follow next week.
Bias
The bias for MATIC is bearish.
Short-Term Prediction for MATIC Price
MATIC holders do not have much to hang on to right now as the price action appears bearish, and they may need to wait for a retest of the key support at $0.86 before any hope of a reversal can take place. The momentum is seemingly favoring the sell side.
This article first appeared at CryptoPotato
