I invite you to review the MATIC chart. As we can see, the price dropped below the blue EMA Cross 200 line, thus returning to the strong downtrend. However, here, after marking the downtrend channel, we can notice that the price breaks out of it sideways, which may have a positive impact on it and may translate into a change in direction.
When we unfold the Fib Retracement grid, we can see that the price has returned and remains in a very strong support zone that starts at $0.58 and continues up to $0.31.
Looking the other way, we can similarly determine the resistance areas that the price must face. And here we see that there was a strong rejection of the price from the zone from $0.74 to $0.90, but when the price breaks it, it will have an open path towards the second zone from $1.15 to $1.33.
The CHOP Index indicates that the energy is gaining more and more strength. However, the STOCH and RSI indicators show a visible recovery with room for the price to drop to a lower level.
When we unfold the Fib Retracement grid, we can see that the price has returned and remains in a very strong support zone that starts at $0.58 and continues up to $0.31.
Looking the other way, we can similarly determine the resistance areas that the price must face. And here we see that there was a strong rejection of the price from the zone from $0.74 to $0.90, but when the price breaks it, it will have an open path towards the second zone from $1.15 to $1.33.
The CHOP Index indicates that the energy is gaining more and more strength. However, the STOCH and RSI indicators show a visible recovery with room for the price to drop to a lower level.