Yesterday saw Matic through a sudden change in price as it dipped to a month low. Although it has recovered some losses overnight and trades calmly. But it appears to have lost ground on the hourly chart.
The last few months have been an interesting momentum for Matic as it saw a notable gain during the recent short-term bullish cycle.
Although, the price is still in the buying range. But the cycle may come to an abrupt end following the negative sentiments that hit the crypto space since yesterday.
From around $0.99, Matic initiated a big drop, leading to a sharp nosedive and lost roughly 25% to $0.73 in just three hours. This marks its lowest price level in a month.
However, the price recovered well overnight, but not enough to keep buyers back on track. Despite losing some ground, the trend is still looking bullish on the daily chart.
Matic must climb back above the $1 level to confirm that the short-term bullish cycle is still in play. Otherwise, more sell-offs will not just end this cycle but will reset the market back to the bottom. If such a scenario comes into play, the $0.55 level would be the key selling target to watch in the near term.
Despite the losses, the price is still up by 56% in the last 90 days. If the price recovers well from the current monthly high, more gains should be expected.
Matic’s Key Levels To Watch
The key holding supports for Matic right now are the $0.83 and $0.754 levels. Once these support levels crack, $0.725 and $0.66 would be the next stopover for selling.
In the opposite direction, the $0.945 and $0.983 levels are the key resistances to watch for a recovery. If those levels are reclaimed with a cross above $1, $1.093 would be the next resistance level to watch for buying.
Key Resistance Levels: $0.945, $0.983, $1.093
Key Support Levels: $0.83, $0.754, $0.66
- Spot Price: $0.86
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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