- The price of Matic Network MATIC is trading at $0.69.
- The 24-hour volume is $$253,742,866.
- Matic Network (MATIC)’s market cap is $6,436,919,778.
Matic Network’s latest price behavior indicates a definite decline momentum, however, there are indicators of a potential turnaround as the price is now respecting an important support level. When the price achieved its swing high of $3.003 in December 2021, the downturn began. From that moment, the price began to fall, establishing a sequence of lower lows.
Over the course of six months, the price dropped by 90%, making it the most severe drop ever recorded for this cryptocurrency. However, a ray of optimism occurred despite this bearish trend when the price hit support at $0.274, sparking a reversal.
Matic Network’s price soared to a high of $1.541 after rebounding off the support level before retracing down to the support level. This price movement resulted in the formation of a descending triangle pattern with lower highs and a horizontal support level.
Matic Network’s pricing is now hovering around a crucial level. Given the chart’s poor structure, a price break below the support level might potentially initiate a steep downturn. Such a collapse would favor its Network’s further downward trend.
Matic Network (MATIC) Price Analysis
Technical Analysis (1W Timeframe)
By looking at the chart the MATIC price is training below the 20,50 and 100-day EMA which represents a weak signal for its price and the price is performing weaker compare to its previous price.
By MACD indicator currently, the MACD line is in the negative region, and the MACD line below the signal represents that the price is forming a weak structure also there is a red histogram formation which indicates that the overall momentum of its price prediction is in a negative direction
RSI is also showing a negative path and the RSI line is below the SMA line and has not yet reached the oversold zone which says there is a further fall expected in this cryptocurrency
By analyzing the volume of MATIC it is seen to be decreasing. It represents the absence of buyers in the current market, signifying that the overall momentum of its price prediction appears to be negative and a fall is expected shortly.
Conclusion
According to the complete study performed in the weekly timeframe, the price of MATIC reveals a negative structure. When key indicators such as the Relative Strength Index (RSI), Exponential Moving Average (EMA), and Moving Average Convergence Divergence (MACD) are considered, a clear and compelling conclusion can be drawn: the Matic price prediction is strongly predisposed to a downward trajectory, indicating a high probability of a negative direction and an impending fall.
Technical Levels
- The Nearest Support Level is – $0.274.
- The Nearest Resistance Levels are -$1.164.
Disclaimer
The views and MATICinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
