With volume dissipating and a weak attempt to rally, MATIC’s momentum has turned bearish.
Key support levels: $0.86, $0.74
Key resistance levels: $1
MATIC price action completes a head and shoulders formation, with the right shoulder forming at the time of this post. This puts the price in a short-term downtrend. Because of this, MATIC may soon test the support at $0.86 or even $0.74 if this formation proves correct. The main support remains at the psychological $1 level.
Trading volume: Trading volume continued to decline, indicating weakness.
RSI: The daily RSI dropped below 50 points. This is my bearish.
MACD: The daily MACD remains bullish, but the histogram is making lower highs. If buyers do not return, a bearish cross may follow next week.
The slope of the MATIC is bearish.
MATIC PRICE SHORT TERM FORECAST
MATIC holders do not have much to hang on to at the moment as the price action looks bearish, and they may have to wait for a retest of the key support level at $0.86 before any hope of a reversal. Momentum appears to be in favor of the sell side.
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