In new technical analysis, the Matic network facilitates instant crypto transactions and is highly scalable. It facilitates the expansion of the Ethereum blockchain using a customized version of Plasma with PoS powered side chains. Recently, the Matic blockchain network has been renamed polygon. The prime aim of the polygon ecosystem is to transform Ethereum into a powerful and robust multi-chain system. Past Performance On April 7, 2021, the opening price of MATIC was $0.37. As of April 13, 2021, MATIC closed at $0.42. Thus, in the past week, the MATIC price has soared by roughly 13%. In the past 24 hours, MATIC has traded between $0.41-$0.45. https://ift.tt/3a5k3YP Day-Ahead and Tomorrow Currently, MATIC is trading at $0.43. The price has increased from the opening price of $0.42. Thus, the market looks positive. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect some intermittent price corrections amidst an overall price downtrend. The OBV indicator has started falling gradually. Thus, selling volumes are slowly overtaking the buying volumes. Hence, we can expect the price to start declining in some time. The RSI has faced a bullish swing rejection at 31% and is currently at 38%. However, the selling pressures are still high and hence we can expect a price drop. MATIC Technical Analysis As per technical analysis, presently, the price is below the Fibonacci pivot point of $0.43. As the oscillators are indicating a price pullback, by day end, we can expect the price to fall below the three support levels of $0.41, $0.40, and $0.39 respectively. The price will soon test and fall below 61.8% FIB retracement level of $0.42. In a few hours, it may fall below 138.2% FIB retracement level of $0.39. In that case, the price downtrend is strong and we can expect the bear-run to continue tomorrow as well.
The post MATIC Technical Analysis – Expect the Price to Fall Below the Support Levels of $0.41, $0.40, and $0.39 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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