MATIC Technical Analysis: Price Is Below the First Fibonacci Pivot Support Level of $1.67

Matic Network is an open-source blockchain network that imparts high scalability to the Ethereum blockchain. It uses PoS-based sidechains and Plasma technology to facilitate instant transactions on Ethereum. It also provides a robust infrastructure for the development of decentralized apps. MATIC is the native token of this network and its technical analysis is as follows:

Past Performance

On May 18, 2021, MATIC opened at $1.72. On May 24, 2021, MATIC closed at $1.75. Thus, in the past week, the MATIC price has increased by roughly 2%. In the last 24 hours, MATIC has traded between $1.63-$1.87.

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Day-Ahead and Tomorrow

Currently, MATIC is trading at $1.70. The price has decreased from the day’s opening price of $1.75. Thus, the market seems to be bearish.

The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may change signs soon. Hence, we can expect a further price pullback.

Currently, the RSI indicator is at 39%. It faced rejection at 42% and fell to this level. Thus, selling pressures are very high. High selling activity will exert downward pressure on the crypto price.

Besides, the OBV indicator is steadily falling too. Hence, selling volumes are higher than buying volumes. When we look at the OBV indicator in conjunction with the other oscillators, we can say that the price is poised to fall further.

MATIC Technical Analysis

Currently, the price has fallen below the first Fibonacci pivot support level of $1.67. It may further fall below the subsequent support levels of $1.62 and $1.54, respectively, after some time.

Presently, the price has tested and fallen below the 23.6% FIB retracement level of $1.70. Thus, as of now, the bearish forces seem strong. We can expect the price downswing to continue today and tomorrow.