MATIC - Technical review and analysis
During the last week, MATIC recorded a range trend on the support range of $0.75 to $0.78. The volume of transactions is low, and the lack of desire on the part of buyers has kept the price at this level. After the short-term uptrend line is broken and the price declines with a large slope, technically, MATIC can have a further price decline to the support range of $0.60 to $0.67. Therefore, if the current support breaks, the next target for sellers is lower support.
But if Bitcoin maintains its important support, and its range is broken from above, we can expect the formation of reversal patterns at the current support level for MATIC currency. In the 4-hour time frame, there are still no higher ceilings and floors, and we have not seen a consolidation above $0.80. But the resistance, the failure of which can be a sign of a change in the trend from downward to upward in 1-hour timeframe, is in the range of 0.825 to 0.830 dollars. So we can monitor these two ranges for the current week.
But if Bitcoin maintains its important support, and its range is broken from above, we can expect the formation of reversal patterns at the current support level for MATIC currency. In the 4-hour time frame, there are still no higher ceilings and floors, and we have not seen a consolidation above $0.80. But the resistance, the failure of which can be a sign of a change in the trend from downward to upward in 1-hour timeframe, is in the range of 0.825 to 0.830 dollars. So we can monitor these two ranges for the current week.
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