MATIC/USDT Chart Review

I invite you to review the MATIC chart in pair to USDT, on a one-day interval. First, we will use the blue lines to mark the downtrend channel where the price is moving in the upper range.

Moving on, we can move on to marking support areas when we start a larger correction. And here the first very strong support is at the price of $0.59, but when the price drops below, we can see a drop to the support of $0.31.

Looking the other way, we see that the price has rebounded from the first significant resistance at $ 0.90, which so far has no strength to break. then second resistance is at $1.03, then we have another resistance zone from $1.16 to $1.34, then strong resistance at $1.56.

When we turn on the EMA Cross 200, we see that the price rebounded from this line and thus remained in a strong downtrend.

Please look at the CHOP index, which indicates that there is still energy for this move, the RSI has a strong rebound with room for the price to go lower, while the STOCH indicator also indicates that there is some energy left for the next move.