Chart by TradingView
With the downtrend in full force, MATIC is having difficulty finding support.
Key Support levels: $1
Key Resistance levels: $1.3, $1.5
The support at $1.3 could not hold off the assault from bears, and MATIC fell below this critical level which has now turned into resistance. If the sellers continue to maintain this pressure, then the cryptocurrency may end up falling all the way to $1.
Trading Volume: The volume is rather flat, but buyers are nowhere to be found.
RSI: The daily RSI fell under 50 points and seems unlikely to change course any time soon.
MACD: The daily MACD is bearish. This signals that sellers are more likely to dominate the chart during the next few days.
The bias for MATIC is bearish.
With the support at $1.3 lost, buyers appear to have retreated and will likely make a stand at the $1 level. This puts sellers on the offensive as they are in control of the price action.
