MATIC Targets $0.5030 As Bearish Pressure Halts Recent Uptrend
July 19 2024 - 3:30PM
NEWSBTC
Recent trading activities have caused the price of MATIC to slide,
targeting the $0.5030 mark, following a period of strong upward
momentum disrupted by bearish pressure. This sudden drop, driven by
increasing bearish sentiment in the market, has sparked speculation
among traders and investors about whether the $0.5030 support level
will hold or if further declines are imminent. As the bearish
sentiment around MATIC continues to build, this article seeks to
analyze its current price movements and the technical indicators
that suggest a sustained decline. The goal is to provide readers
with a comprehensive understanding of MATIC’s potential future
trajectory. MATIC’s price was trading at approximately $0.511 and
was down by 3.93% with a market capitalization of over $5 billion
and a trading volume of over $250 million as of the time of
writing. Its market capitalization and trading volume have
decreased by 3.88% and 20.31% in the last 24 hours. Market
Overview: MATIC Recent Performance And Current Slide On the 4-hour
chart, MATIC shows an active bearish trend and is currently moving
below the 100-day Simple Moving Average (SMA) toward the $0.5030
support level. It’s noteworthy that MATIC had previously attempted
a bullish correction but was halted at $0.5673. The 4-hour
Composite Trend Oscillator indicates that MATIC may continue its
bearish movement toward the $0.5030 mark, as the signal line has
crossed below the SMA of the indicator, with both lines currently
attempting a move below the zero line. On the 1-day chart, MATIC
has experienced a three-day uninterrupted bearish move toward the
$0.5030 support level, trading below the 100-day SMA. If this
bearish momentum continues, the digital asset could drop below
$0.5030, extending its downward trend. Finally, the 1-day composite
trend oscillator indicates that MATIC’s price is likely to continue
its current bearish trend, as the signal line is attempting to
cross below the SMA of the indicator and move back into the
oversold zone. Future Outlook: Potential Scenarios For MATIC’s
Price Movement MATIC’s current price action suggests that the coin
is on the verge of extending its bearish move, with $0.5030 as a
crucial point to look out for. If the price reaches this level and
breaks below, it could ignite a decline toward the $0.3132 support
range. When this level is breached, the crypto asset may experience
a further price decrease toward other lower levels. However, should
MATIC face rejection at the $0.5030 level, it may start to ascend
again toward the $0.9488 resistance level. It could further
experience additional price gains, potentially challenging the
$1.096 mark and other higher levels if the $0.9488 resistance is
breached. Featured image from Adobe Stock, chart from
Tradingview.com
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