MATIC Appears Bearish Due to No Traction & Short-Term Support

Matic Network—Proof of Stake based side chains bringing enormous scaling to Ethereum using an adapted version of Plasma. Matic Network is India’s second most reached out token after WRX and is a comparatively new token and is ranked on 120th position in the global crypto market.

Matic Network is backed by Binance & Coinbase and it aims to provide complete security leading the Ethereum Developers to scale their DApps. MATIC, at the press time, was trading with a bearish candle and had a reset below $0.025.

MATIC Appears Bearish Due to No Traction & Short-Term Support

Matic Network Price Analysis

Matic Network Price News
MATIC/USD Chart By TradingView

Matic Network, trading at $0.022 with a long bearish candle against the US Dollar on Binance after 2 months of consolidation. The YTD movement of MATIC against the US Dollar had been moderately volatile with an uptrend followed by notable 2-month accumulation. The bearish candlewick has breached below the lower 20-day Bollinger Band, and therefore, the token has lost support from the 50-day daily MA after sliding from $0.0235.

However, MATIC holds support from MA200 at $0.019, but if the price plummets further, it is likely to waive off the current gains and test supports below $0.020 too. The MACD chart holds a bearish crossover due to the negative market bias. The RSI is seen inclined towards the oversold region but is away from hitting the extremities at 41.2. As per the technicals and MATIC coin price prediction, the currency might correct down to its MA200 in the upcoming days.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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