MATIC Technical Analysis Report | 04th-May-2023

Polygon (Matic) bounced off the $0.94 support on May 2nd, suggesting that the bulls are aggressively trying to protect the level. The 20-day EMA ($1.02) is turning down and the RSI is in the negative territory, suggesting that sentiment remains bearish. The sellers will try to halt the rally at the 20-day EMA. This support coincides with the 50% Fibonacci retracement level, creating a strong zone of accumulation that could help buyers regain bullish momentum. The rise in global volume is more than 35% in the last 24 hours.

At the time of writing, MATIC  was trading at $0.998

Matic Daily Chart | 04th May 2023
Polygon (MATIC) Chart

MATIC after making the recent top of $1.568 witnessed a sharp fall and the prices corrected almost by 33% and made a low of $0.942. Post this move, the asset tried to resume the up move and rallied up to $1.25, However, the bulls failed to push the prices above the resistance zone of  $1.20 – $1.25 and witnessed a 25% drop. Currently, on a daily time frame, MATIC is consolidating and trading sideways in a support zone of $0.995 to $1.05. Breakout on either side of the range with good volumes will further decide the trend of the asset.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now