Hello, I invite you to review the MATIC chart on a one-day interval. let's start by marking the blue line, the downtrend line, which, as you can see, the price overcame. Since the end of August, we have been moving in a sideways trend channel, but we can also notice that we are locally below the downtrend line.
Now let's look at where the MATIC price has support, as you can see the first support is at $0.70, but if it goes lower we have another support at $0.52 and then $0.31 which is at the last low of the price.
Looking the other way, we can also check what resistance awaits the MATIC when the price starts to grow. And here we have the first support at the price of $ 0.93, when we manage to break it, the price will start moving towards the support from $ 1.32 to $ 1.63, only when we manage to break this zone and then positively test it, the way to further increases will open .
It is worth looking at the moving averages, where we can see that the white line, blue line and red line have crossed the yellow line from below, which heralds increases, however, currently the white line is getting closer to crossing the yellow line from above, if this happens, then blue and red will follow the white one, we can continue the downward trend.
Looking further, the CHOP index indicates that most of the energy has been used, the MACD indicates a local downward trend, while the RSI has decreased, but there is still room for a deeper correction.
Now let's look at where the MATIC price has support, as you can see the first support is at $0.70, but if it goes lower we have another support at $0.52 and then $0.31 which is at the last low of the price.
Looking the other way, we can also check what resistance awaits the MATIC when the price starts to grow. And here we have the first support at the price of $ 0.93, when we manage to break it, the price will start moving towards the support from $ 1.32 to $ 1.63, only when we manage to break this zone and then positively test it, the way to further increases will open .
It is worth looking at the moving averages, where we can see that the white line, blue line and red line have crossed the yellow line from below, which heralds increases, however, currently the white line is getting closer to crossing the yellow line from above, if this happens, then blue and red will follow the white one, we can continue the downward trend.
Looking further, the CHOP index indicates that most of the energy has been used, the MACD indicates a local downward trend, while the RSI has decreased, but there is still room for a deeper correction.