Matic possible drop down
On a weekly timeframe, we can observe a downtrend in Matic within a parallel channel, following the pattern of Lower Highs and Lower Lows, which constitutes a bearish structure. Moreover, if we connect the lows of June 2022 and June 2023, we can identify a robust support line. However, this line has now been breached, leading to a decline in Matic's price. The RSI on a weekly level is at 33, indicating an oversold condition that is yet to manifest fully. The MACD has remained in negative territory for over 4 months.
The level of $0.58 served as a sturdy support for Matic, providing strength during the Bitcoin crash from $30,000 to $25,000 in June 2023. Subsequently, Matic's value surged above $0.85. However, during the recent crypto market crash, Matic failed to maintain this support and commenced a breakdown. Presently, Matic is trading at $0.54. It has already closed below $0.58 and is undergoing a decline. Matic's RSI is at 22, and the MACD remains in negative territory, indicating an oversold condition. This suggests a potential minor rebound in the upcoming days. Nevertheless, comprehending the current market sentiments is crucial. If the sentiments exhibit sufficient strength, a recovery to $0.58 might be possible. Nevertheless, our previous sentiment analysis indicates poor market performance, highlighted by the dismal weekly closure last week. A staggering amount of over $1 billion was liquidated from the market in a single day, instilling fear among retail traders. Moreover, market volume remains lackluster. The sentiments are decidedly bearish for now. Should we observe a decline in traditional markets like NASDAQ and S&P500, a corresponding drop in cryptocurrency prices can be expected.
The level of $0.58 served as a sturdy support for Matic, providing strength during the Bitcoin crash from $30,000 to $25,000 in June 2023. Subsequently, Matic's value surged above $0.85. However, during the recent crypto market crash, Matic failed to maintain this support and commenced a breakdown. Presently, Matic is trading at $0.54. It has already closed below $0.58 and is undergoing a decline. Matic's RSI is at 22, and the MACD remains in negative territory, indicating an oversold condition. This suggests a potential minor rebound in the upcoming days. Nevertheless, comprehending the current market sentiments is crucial. If the sentiments exhibit sufficient strength, a recovery to $0.58 might be possible. Nevertheless, our previous sentiment analysis indicates poor market performance, highlighted by the dismal weekly closure last week. A staggering amount of over $1 billion was liquidated from the market in a single day, instilling fear among retail traders. Moreover, market volume remains lackluster. The sentiments are decidedly bearish for now. Should we observe a decline in traditional markets like NASDAQ and S&P500, a corresponding drop in cryptocurrency prices can be expected.