As on June 3, 2023 Polygon MATIC is priced at $0.9 From a technical analysis perspective, MATIC coin is presently experiencing a downtrend on the daily timeframe. The price resides below the 50 day and 200 day moving averages MA, indicating a bearish sentiment.
To comprehend the existing levels of support and resistance for MATIC, we must examine the historical price data. Analyzing Polygon’s Matic crypto daily chart reveals a trading range of $0.84 to $0.94 over the recent days.
MATIC crucial support level lies at $0.84 to $0.81, significantly impacting the cryptocurrency. A dip below this level could potentially lead to further price decline, with the subsequent support level positioned at $0.75.
Conversely, MATIC current resistance level resides at $0.94. A successful breakthrough beyond this level may initiate a bullish trend, with the subsequent resistance level set at $1.04.
Utilizing technical analysis indicators such as the Relative Strength Index (RSI) and Moving Averages can enhance our comprehension of the prevailing trend.
The RSI in MATIC coin chart currently demonstrates a reading of 48, indicating a neutral zone where neither the bulls nor the bears hold significant dominance.
Regarding Fibonacci levels from recent bottom to top, MATIC presently stands at below 0.618 level and 0.786 level, equivalent to $0.92. This level act as a resistance for MATIC, Once breaks then we can see upward bullish momentum in MATIC price. It holds significance as a potential support or resistance level within a trend.
MATIC is consolidating within range of $0.84 to $0.94 featuring resistance zone positioned AT 0.786 $0.9 Fibonacci level and support zone located AT $0.81.
Based on technical analysis and previous resistance levels, the upcoming targets for MATIC are $1.04 and $1.16.
However, failure to sustain above $0.9 might prompt further selling pressure, potentially driving MATIC towards key support levels at $0.75 and $0.68.
