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MATIC Retraces From ATH as Crypto Sells Off

BINANCE:MATICUSDT   MATIC Network / TetherUS
-MATIC fell -23% from high as Tesla reverts BTC support
-Major support comes in at $0.925
-MACD signaling more downside may come

MATIC has had an awesome last month as price rose over 300%. MATIC hit an ATH of $1.22 but shortly after fell as the entire market took a hit. MATIC has risen drastically and now may be the time to be concerned of large potential retracement.

The large bold trends represent a broadening wedge that has formed over the last week. The pattern can be either bullish or bearish as a breakout of either trend will produce a large parabolic move. As seen on the chart, MATIC just has a rejection on its top trend line . If price can’t hold minor support of $1.02, expect a pullback to major support of $0.92.

During the fast decline price bounced perfectly off the 30MA. This level is met with major support of $0.92 and if these levels break down, expect a retracement to $0.84. In the case bulls gain more strength, the level to break and hold is $1.17.

While looking at the MACD we can see a bearish cross is impending. The histogram confirms this as its about to tick red after a long bull streak. The stochastic is heading down nearing the 50 level. If this fails to hold we can confirm more retracement is ahead. 


MATIC intraday levels

Spot rate: $$1.03
Trend: Bullish
Volatility: High

Support: $1.02
Resistance: $1.17