Recent trading activity has sent MATIC price lower, targeting the $0.5030 level, after a period of strong upward momentum that was disrupted by bearish pressures. This sudden drop, driven by growing bearish sentiment in the market, has sparked speculation among traders and investors about whether the $0.5030 support level will hold or if further declines are imminent.
As negative sentiment continues to grow around MATIC stock, this article seeks to analyze its current price action and technical indicators that point to a continued decline. The goal is to provide readers with a comprehensive understanding of the potential future trajectory of MATIC stock.
MATIC price was trading at around $0.511 and down 3.93% with a market cap of over $5 billion and a trading volume of over $250 million at the time of writing. The market cap and trading volume decreased by 3.88% and 20.31% in the last 24 hours.
Market Overview: MATIC’s Recent Performance and Current Slippage
On the 4-hours chart, MATIC is showing an active bearish trend and is currently moving below the 100-day simple moving average (SMA) towards the $0.5030 support level. It is worth noting that MATIC previously attempted an upward correction but was stopped at $0.5673.
The 4-hour Composite Trend Indicator is suggesting that MATIC could continue its bearish move towards the 0.5030 level, as the signal line has crossed below the indicator’s simple moving average, with both lines currently trying to move below the zero line.
On the daily chart, MATIC has been in a three-day downward trend towards the $0.5030 support level, trading below the 100-day simple moving average. If this bearish momentum continues, the digital asset could drop below $0.5030, extending its downtrend.
Finally, the 1-day Composite Trend Oscillator indicates that MATIC price is likely to continue its current downtrend, as the signal line is trying to cross below the indicator’s simple moving average and return to the oversold zone.
Future Outlook: Possible Scenarios for MATIC Price Movement
The current MATIC price action suggests that the coin is about to extend its downward movement, with the $0.5030 level being a crucial point to watch out for. If the price reaches this level and breaks below it, it could spark a decline towards the $0.3132 support area. When this level is broken, the crypto asset could see another price decline towards other lower levels.
However, if MATIC faces rejection at the $0.5030 level, it could start a new upward move towards the $0.9488 resistance level. It could see further price gains, which could challenge the $1.096 level and other higher levels if the $0.9488 resistance level is broken.