Here’s what’s riding on MATIC’s near-term price action
ambcrypto.comDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
MATIC was traversing within a horizontal channel after raking in gains post a symmetrical triangle breakout. Bearish divergence on the RSI, along with the 20 and 50-SMA’s interplay, hinted at some southbound price action before MATIC can challenge $1.70.
At the time of writing, MATIC was trading at $1.55, down by 0.6% over the last 24 hours.
Source: MATIC/USD, TradingView
MATIC propped up by nearly 20% from the breakout point after bulls capitalized on the symmetrical triangle setup on the charts. Since the swing, MATIC has traded within a parallel channel, forming consistent highs at $1.62 and lows at $1.45.
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