MATIC Bullish Momentum Weakens: Key Levels to Watch

MATIC Bullish Momentum Weakens: Key Levels to Watch

The Slowdown in MATIC’s Bullish Momentum

MATIC, one of the prominent altcoins in the cryptocurrency market, has recently experienced a slowdown in its bullish momentum. After briefly dipping to $0.53, the altcoin has witnessed a decrease of around 1.5% in its value over the past 24 hours, with weekly losses amounting to 4.8%. This decline in price raises concerns about the future trajectory of MATIC and the dominance of bears in the market.

Hovering around Critical Support Level

Currently, MATIC is hovering around a critical support level. This indicates that bears might dominate the upcoming trading sessions unless they move away from this support zone. The altcoin needs to sustain a price above the current support level to regain bullish traction. However, there are significant hurdles on its path to recovery, particularly the need to trade above the $0.85 price mark, which has previously acted as substantial resistance.

MATIC Price Analysis: One-Day Chart

At the time of writing, MATIC was trading at $0.75, representing a significant decline from its previous position at $0.90. The altcoin’s price has been trapped at the $0.75 mark, which holds immense importance. Failure to sustain this level could lead to a loss of buyer momentum, potentially pushing the price further down to $0.65. If this support level is breached, MATIC may drop to $0.60. To reverse its downward trend, MATIC must successfully surpass the $0.80 level, which would pave the way for a challenge against the historical price ceiling at $0.85.

Technical Analysis: Decreased Buying Strength

The decreased demand for MATIC has resulted in a decline in buying strength for the altcoin. Despite the Relative Strength Index (RSI) remaining above the half-line, the reduced presence of buyers is evident. Sellers could gain control of the price action if bears push the price further. Additionally, MATIC’s price is slightly above the 20-Simple Moving Average (20-SMA) line, indicating a gradual exit of buyers from the market. In the next trading session, MATIC might dip below the 20-SMA, confirming the weakening buyer presence.

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Furthermore, the daily chart for MATIC has shown clear signs of buyers exiting the market, with a sell signal becoming evident. The Moving Average Convergence Divergence (MACD) displayed one red histogram, signaling a sell indication for the altcoin. Moreover, the Directional Movement Index (DMI) indicated a negative direction for the asset. The -DI line (orange) crossed over the +DI line (blue), pointing to bearish movement. The Average Directional Index (ADX) dipped and was close to the 20-mark, suggesting weakening strength in the bullish price action.

In summary, MATIC’s recent price pullback and the subsequent slowdown in its bullish momentum highlight the challenges it currently faces. The altcoin must overcome critical support levels and historical resistance to regain its positive trajectory. Technical indicators also point towards a diminishing buyer presence and a potential shift towards bearish sentiment. Traders and investors should closely monitor MATIC’s performance in the coming weeks to make informed decisions.

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