Matic Network Price Analysis: Bulls need a Breather, Says Volume And Decline

Matic Network Price Forming Tweezer Top, Likely To Touch $0.2
  • Matic Price was in a bull run lately until it contracted this morning
  • The declining-volumes show that the trend of Matic price weakened
www.tradingview.com

Matic Network price declined 5.8% in the last session, as the volume declined considerably. Price range volume shows very little participation from the participants, which indicates a higher chance of reversal. Currently, the price is receiving support at $0.2329(141.4%), followed by $0.194(100%) and $0.17(78.6%). The market cap and 24-hour volumes are $1,170,416,723 and $432,488,436 respectively. 

Matic Network Price Forming Tweezer Top, Likely To Touch $0.2

www.tradingview.com

Left Image: On the daily charts, Matic Network price faced strong barriers from pivot level – R1 and made a tweezer top candles. The formation confirms a bearish reversal as the candle vanished an entire one-day gain in the coin and may bring in profit-booking. The next pivot – P, lies at $0.17. 

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Right Image: The price has lifted quite high above the 10-EMA, 20-EMA, and 50-EMA, such that it has formed a huge gap between the losing and the EMAs. Expect the price to fall until 10-EMA $019 or further till $0.1622(20-EMA) for the breather. 

So far, Bollinger Band(10-EMA) indicates one-sided movement as the upper and lower band are headed North. However, the upper band restricts the price at $0.263, whereas the support from 10-EMA(median) and the lower band are $0.189 and $0.115. 

The RSI is exiting the overbought territory and returning from 85 levels. The indicator’s support is at the 61-65 zone, so expect it to correct the price to $0.2. 

The MACD(8,12,5) also shows signs of consolidation as the faster curve stopped rising and went into consolidation. Any reversal in the last line will bring a bearish crossover which can trigger bears to coin down.

Conclusion: 

Matic Network price has given a clear hint of profit booking, as the RSI is exiting overbought zones, the MACd is preparing to consolidate, the price is making a big gap with EMAs and above all the volumes have dropped significantly followed by lack of participation by more bulls. 

Support: $0.19(10-EMA), $0.16-$0.17(Pivot – P and 20-EMA) and $0.115(Lower BB) 

Resistance:  $0.26(upper BB) and $0.247(Pivot – R1) 

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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