MATICUSDT Emphatic rejection on the 1D MA50 for a bearish contin

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For this particular analysis on MATIC we are using the MATICUSDT symbol on the Phemex exchange.
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The idea is on the 1D time-frame where MATIC got a solid rejection on its 1D MA50 (blue trend-line) on the June 25 1D candle and is pulling back towards the 0.32300 Support. The rejection also took place on the December 27 2021 (ATH) Lower Highs trend-line.

The trend has been bearish long-term within a Channel Down pattern. Even though the price action since June 18 resembles that post February 24 that did marginally break above the 1D MA50, unless we break above the Channel Down and the 1D MA100 (green trend-line), it is more likely to see a new selling wave to the 2.0 Fibonacci extension .

On the long-term, only a 1D candle closing above the 1D MA200 (orange trend-line) can restore the bullish trend with 2.0 - 2.10 as the initial target.


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