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The MATIC price dropped over 4% in the last 24 hours to trade at $0.8691 at press time.
The MATIC Price Moving Towards Support
1-hour chart for MATIC/USDT (Source: TradingView)
In the world of cryptocurrency trading, MATIC has been under the watchful eye of traders as it navigates through key support and resistance levels. Over the past few days, the price action has remained relatively subdued, reflecting a struggle between bulls and bears for control.
On the 4-hour chart, MATIC has been displaying a series of lower highs and lower lows, indicating a prevailing bearish sentiment in the market. The closing prices have oscillated within a narrow range, with recent values at $0.8974, $0.8835, $0.8913, $0.8855, and $0.8682.
Looking at the Exponential Moving Averages (EMA), the 9 EMA and 20 EMA have both been trending below the closing prices, suggesting a bearish bias. The MACD (Moving Average Convergence Divergence) histogram has been consistently negative, indicating downward momentum. Additionally, the Relative Strength Index (RSI) has hovered around the 40 mark, reflecting a neutral to slightly bearish sentiment.
Key Levels to Watch
With respect to the provided levels, the immediate resistance stands at $0.8795, followed by a stronger barrier at $0.8974. On the downside, crucial support levels include $0.8521 and $0.8246, with a significant level at $0.7993.
Given the current technical landscape, the bias appears to favor the bears. If the price fails to breach the resistance at $0.8795, we may see a continuation of the downtrend towards the support levels. However, a breakout above $0.8974 could signal a reversal, with potential upside targets at $0.9104.
For traders looking to capitalize on potential downward movements, short positions could be considered below the $0.8795 resistance level, with stop-loss orders placed slightly above this level. On the other hand, long positions might be initiated if the price successfully breaks above $0.8974, with targets set at $0.9104 and stop-loss orders placed below key support levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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