MATIC Slides Deeper: Will It Break The $0.3132 Barrier?
September 06 2024 - 10:30AM
NEWSBTC
MATIC is under mounting bearish pressure as it continues its
downward slide, drawing closer to a critical support level at
$0.3132. A break below $0.3132 could open the door to additional
losses, signaling a deeper bearish trend ahead. With the market
sentiment turning increasingly negative, speculations are whether
the bears can push the price beyond this vital support zone or if
the support will hold firm against the downward momentum. As MATIC
hovers near the crucial $0.3132 support level, this article aims to
analyze its current price action by examining key technical
indicators and market sentiment. It explores the potential outcomes
if MATIC breaches this level and what this could mean for the
cryptocurrency’s future trend. Current Market Overview: Bearish
Sentiment Dominates On the 4-hour chart, after successfully
breaking below the $0.5030 mark, MATIC has continued to build
negative momentum dropping under the 100-day Simple Moving Average
(SMA) as it moves toward the $0.3132 support level. The digital
asset has maintained a consistent downward trend, indicating that
the bears remain firmly in control and could drive the price even
lower if the selling pressure persists. Additionally, the 4-hour
Relative Strength Index (RSI) shows that the signal line is well
below the 50% threshold, situated at 33%. A sustained RSI reading
below 50% suggests that the downward trend could continue,
reinforcing the likelihood of additional declines as bearish
sentiment remains strong. Related Reading: Polygon (MATIC) Breakout
Could Propel Price To $1 In Days: Crypto Analyst On the daily
chart, MATIC is also exhibiting significant pessimistic movement as
it trades below both the 100-day Simple Moving Average (SMA) and
the $0.3132 support level. The formation of multiple bearish
candlesticks underscores the prevailing negative sentiment and
suggests that downbeat pressure remains dominant. This persistent
drop indicates that the bears are maintaining control, and without
a shift in momentum, MATIC may face further declines. Finally, on
the 1-day chart, the RSI signal line has significantly dropped
below the 50% threshold, currently sitting at 34%. This sharp
decline below the 50% mark suggests a strong downside sentiment and
pressure if the trend continues. A Breakout Or Breakdown Ahead For
MATIC? As MATIC hovers near the $0.3132 support level, two primary
scenarios are unfolding. Should the price hold above this level, it
could signal a bullish reversal, targeting higher resistance levels
such as $0.5030 or beyond. Conversely, a break below $0.3132 could
exacerbate the bearish trend, leading to deeper declines toward the
next support zone. Related Reading: MATIC: Market Nosedive Leads To
30% Wipe In Value MATIC is trading around $0.372, marking a 1.11%
decline, with a market capitalization of over $1.7 billion and a
trading volume exceeding $170 million, as of the time of writing.
Also, in the past 24 hours, MATIC’s market cap has decreased by
1.25%, and its trading volume has dropped by 35.49%. Featured image
from Adobe Stock, chart from Tradingview.com
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