MATIC In Consolidation: Key Price Levels To Watch After A Breakout



For
a
while
now,
the
price
of
MATIC
has
been
in
a
consolidation
zone,
moving
between
$0.7730
and
$0.6233, 
forming
a
bearing
triangle
flag
in
the
process.
This
is
a
result
of
the
drop
from
its
high
of
$0.9288
that
happened
days
ago
which
led
to
MATIC
dropping
by
over
25%. 


Although
the
price
of


MATIC


is
still
consolidating,
it
is
building
up
momentum
for
a
potential
breakout.
So
taking
a
trade
at
this
point
is
not
advisable
until
a
breakout
occurs
which
can
be
either
above
the
consolidation
zone
or
below
it.

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In
this
article,
we
will
dive
into
the
possible
price
actions
when
a
potential


breakout


from
the
consolidation
occurs.
Lately,
MATIC’s
price
and
market
cap
have
dropped,
suggesting
that
the
bulls
may
be
waiting
out
this
spike.


As
of
the
time
of
writing,
MATIC’s
price
was
down
by
2.97%,
trading
around
$0,6926
below
the
100-day
Simple
Moving
Average
(SMA)
in
the
last
24
hours. 
Its
market
capitalization
has
decreased
by
over
5%
in
the
past
day
to
$6.91
billion.
Meanwhile,
its
trading
volume
has
risen
to
$374
million,
indicating
a
more
than
1%
increase
in
the
past
day.


MATIC
On
The
4-hour
Chart


Looking
at
the
4-hour
timeframe
chart,
MATIC
is
attempting
to
break
below
the
100-day
moving
average,
suggesting
that
prices
might
break
below
the
consolidation
zone
and
move


bearishly.

Also,
using
the
Relative
Strength
Index
(RSI)
to
analyze
the
price
action
in
the
4-hour
timeframe,
we
can
see
that
the
RSI
line
has
crossed
below
the
50%
level,
heading
toward
the
oversold
zone,
suggesting
that
the
price
might
break
below
the
consolidation
zone.

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Meanwhile,
in
the
daily
time
frame, 
it
can
also
be
observed
that
the
price
attempts
to
break
below
the
bearish
triangle
out
of
the
consolidation
zone
below
the
100-day
simple
moving
average.


The
1-day
RSI
also
suggests
that
the
price
of
MATIC
might
break
below
the
consolidation
as
the
RSI
signal
line
has
broken
below
the
50%
level
and
is
heading
toward
the
oversold
zone.
Specifically,
this
indicates
that
sellers
weaken
buyers
in
the
market.


With
this
strength
of
the
sellers
in
the
market,
MATIC
will
continue
to
move
downward
when
there
is
a
break
out
below
the
consolidation
zone.


Potential
Price
Actions
In
The
Event
Of
A
Breakout


Conclusively,
if
there
is
a
break
out
above
the
consolidation
zone,
MATIC
will
continue
to
move
upward
toward
the
$0.9488
resistance
level.
If
the
price
breaks
this
resistance
level,
it
could
rise
even
higher
to
test
the
resistance
level
of
$1.0968.

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On
the
contrary,
should
MATIC’s
price
break
below
the
consolidation
zone,
in
continuation
of
its
downtrend
the
price
might
begin
to
move
toward
the
$0.5030
support
level.
It
might
continue
to
move
downward
toward
the
0.3132
support
level
if
the
price
breaks
below
this
level.

MATIC
trading
at
$0.6988
on
the
1D
chart
|
Source:
MATICUSDT
on

Tradingview.com

Featured
image
from
Adobe
Stock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie


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