MATIC’s down-channel projects two possible breakout scenarios
Reading now: 460
ambcrypto.comDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
MATIC is undergoing a bearish crunch at the moment, with its 4-hour RSI and MACD trading below their respective half-lines. Having shed nearly 20% of its value within a down-channel which has lasted for 11 days, MATIC seemed to be eyeing a northbound breakout to get back rolling above the $2-mark.
On the other hand, bears can trigger a breakdown if MATIC weakens below the 38.2% Fibonacci level.
At the time of writing, MATIC was trading at $1.73, up by 1.3% over the last 24 hours.
Source: MATIC/USD, TradingView
Consistent lower highs and lower lows marked a descending channel for MATIC, with the same holding firm
Read more on ambcrypto.comAbout this in other media
Show more
The website gocryptonft.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
