MATIC Technical Analysis Report | 08th-JUNE-2023

Matic broke below the $0.82 support on June 6th, but the bulls bought the dip aggressively as seen on the long end of the daily candle. Buyers tried to keep the price above the $0.82 level, but the bears had other plans. They sold aggressively on June 7th, pushing the price below the June 6th low of $0.79. This indicates a resumption of the downtrend. Polygon’s supply on exchanges has seen a rapid increase over the past day. The primary contributor to this surge appears to have been a single whale, which deposited a whopping 115.3 million MATIC in Binance.

At the time of writing, Matic was trading at $0.7698.

Matic Daily Chart | 08th June 2023

Matic after making the recent top of $1.568 in February has been trading in the downtrend and the prices have corrected almost by 51% (within four months) and made the low of $0.7550. The asset has taken support multiple times around the key level of $0.750 in the past and this time too it’s trying to take support at the same level. If the bulls manage to hold and sustain above the support level then we can expect some relief rally whereas a break or close below $0.75 will lead to further downfall and the prices and test the next support which is at $0.63.

  Support 2Support 1AssetResistance 1Resistance 2

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