MATIC Technical Analysis Report | 9th-March-2023

Matic has been trading in a tight range for the past few days, which resolved on March 8th to the downside. The failure to start a rally suggests that bulls may be wary of buying at current levels. The $1.05 level is an important level to watch as a breakout and close above it may indicate that the correction may be over. The pair may not start a new upward move quickly but remain range bound for a few days. The asset has fallen by 5.7% while the volume has risen by almost 8% in the last 24 hours. 

At the time of writing, Matic was trading at $1.058

MATIC was trading in an uptrend and surged almost by 107% from the $0.755 to $1.568 within forty five days. The asset faced a stiff resistance at the key level of $1.5 (Horizontal Trendline) and made a ‘ Bearish Harami’ candle and witnessed a sharp correction. The prices plunged almost by 33.5% and made a low of $1.038. Matic has a strong support zone from $1.05 to $0.95, if it holds and sustains above the support then we can expect the bulls to resume the up-move where as a break below the support zone will lead to further downfall to the next support which is at $0.75.

Support 2Support 1AssetResistance 1Resistance 2

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