MATIC Technical Analysis: Sellers At Trendline Undermine Reversal

MATIC price shows a bullish recovery failing to surpass the resistance trendline as an evening star appears. Will the reversal break under $0.59? Key technical points: The MATIC market value decreased by 7.88% in the last 24 hours. Price action shows a reversal from the resistance trendline. The 24-hour trading volume of Polygon is $450 Million, indicating a drop of 21.84%. Past Performance of MATIC Since the buyers could not hold the value at $1.30, MATIC prices have been under a downward trend. The decline breaks below the $0.78 support level to reach $0.59 and has destroyed over 65% of the total market price within two months. The bullish support of $0.59 helps cushion the downward trend, leading to a lateral shift in the trend and reversing that bearish trendline. Source- Tradingview MATIC Technical Analysis The reversal rally that has been seen in MATIC prices suggests a good chance of failure of the breakout because the price action displays an evening star that is forming alongside the bearish candle that is currently in place. Therefore, traders should expect the negative retracement to break $0.59 and even reach the psychological level of $0.50. The Daily Moving Averages – 20, 100, and 200-day continue to fall in the daily chart, as prices continue to fall after overcoming resistance near 20 DMA. The RSI indicator shows the slope not rising over the halfway line before it resumes to find support near the fourteen-day ...