Matic is a blockchain network that is highly scalable and facilitates instantaneous transactions. The Matic network makes the Ethereum blockchain highly scalable using PoS-based side chains and a customized version of Plasma. It is also a robust platform for building decentralized apps. MATIC is the prime governance token of this ecosystem. The following MATIC technical analysis will predict the price for the next two days:
On April 16, 2021, MATIC started trading at $0.44. As of April 22, 2021, MATIC closed at $0.35. Thus, in the past week, the price decreased by roughly 20%. In the last 24 hours, MATIC has traded between $0.29-$0.37.
Day-Ahead and Tomorrow
Currently, MATIC is trading at $0.34. The price has decreased from the day’s starting price of $0.35. Thus, the market seems to be downtick.
The A/D indicator fell sharply an hour back. But, as of now, it has started rising again gradually. However, whale distributions are still much higher than whale accumulations. Thus, we can expect the price decline to continue for some more time.
The MACD and signal lines are positive. Thus, the overall market momentum is positive. But, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a further price drop before the price starts rising.
Currently, the RSI indicator is at 57%. It faced rejection at 65% and fell thereafter. Hence, the RSI indicator is showing that selling pressures are slowly building. Thus, the RSI indicator is also pointing towards a price dip.
In a nutshell, when we look at all the oscillators together it is clear that the price is expected to decline for some more time. After a couple of hours, probably the price may start rising.
MATIC Technical Analysis
As per technical analysis, currently, the price is below the Fibonacci pivot point of $0.34. It is likely to fall below the first Fibonacci pivot support level of $0.31. Thereafter, we have to wait and watch how the price behaves, whether it continues to fall or starts rising.
The price has fallen below the 61.8% FIB retracement level of $0.34. Thus, as of now, the price downswing is strong. If the price retests and breaks out of the 76.4% FIB retracement level of $0.35, by day end, then probably a price uptrend has set in. In that case, we can expect a bullish trend tomorrow.