MATIC Targets $0.5030 As Bearish Pressure Halts Recent Uptrend
Recent trading activities have caused the price of MATIC to slide, targeting the $0.5030 mark, following a period of strong upward momentum disrupted by bearish pressure. This sudden drop, driven by increasing bearish sentiment in the market, has sparked speculation among traders and investors about whether the $0.5030 support level will hold or if further declines are imminent.
As the bearish sentiment around MATIC continues to build, this article seeks to analyze its current price movements and the technical indicators that suggest a sustained decline. The goal is to provide readers with a comprehensive understanding of MATICs potential future trajectory.
MATICs price was trading at approximately $0.511 and was down by 3.93% with a market capitalization of over $5 billion and a trading volume of over $250 million as of the time of writing. Its market capitalization and trading volume have decreased by 3.88% and 20.31% in the last 24 hours.
Market Overview: MATIC Recent Performance And Current Slide
On the 4-hour chart, MATIC shows an active bearish trend and is currently moving below the 100-day Simple Moving Average (SMA) toward the $0.5030 support level. Its noteworthy that MATIC had previously attempted a bullish correction but was halted at $0.5673.
The 4-hour Composite Trend Oscillator indicates that MATIC may continue its bearish movement toward the $0.5030 mark, as the signal line has crossed below the SMA of the indicator, with both lines currently attempting a move below the zero line.
On the 1-day chart, MATIC has experienced a three-day uninterrupted bearish move toward the $0.5030 support level, trading below the 100-day SMA. If this bearish momentum continues, the digital asset could drop below $0.5030, extending its downward trend.
Finally, the 1-day composite trend oscillator indicates that MATICs price is likely to continue its current bearish trend, as the signal line is attempting to cross below the SMA of the indicator and move back into the oversold zone.
Future Outlook: Potential Scenarios For MATICs Price Movement
MATICs current price action suggests that the coin is on the verge of extending its bearish move, with $0.5030 as a crucial point to look out for. If the price reaches this level and breaks below, it could ignite a decline toward the $0.3132 support range. When this level is breached, the crypto asset may experience a further price decrease toward other lower levels.
However, should MATIC face rejection at the $0.5030 level, it may start to ascend again toward the $0.9488 resistance level. It could further experience additional price gains, potentially challenging the $1.096 mark and other higher levels if the $0.9488 resistance is breached.
Text source: NewsBTC
