The confluence of support factors including demand zone, Fibonacci retracement levels and fair value gap suggests the downside is currently limited for MATIC on the 1 hour timeframe. As long as it holds above $0.7835, strength should begin to return. A four hour close back above $0.8354 resistance would additionally imply the broader uptrend is set to resume after this mild pullback. Bearish moves will be favoured below $0.7800 support.
1 Hour Timeframe
At the current price of $0.7983, MATIC USDT is trading within a key demand zone between $0.7835-$0.7900 on the 1 hour timeframe. This demand zone coincides with several important Fibonacci retracement levels, adding weight to its potential to halt any further downward movement. Let’s take a deeper look at some of the key technical factors in play:
Support and Resistance Levels
The immediate resistance zone sits between $0.8270-$0.8354. Breaking above this level could see MATIC resume its broader uptrend in the near-term. On the downside, support lies at the current demand zone. A break below $0.7835 would shift momentum more bearish short-term.
S / R Type | High | Low |
Resistance Zone | 0.8270 | 0.8354 |
Fibonacci Retracement Levels
As we can see from the table, MATIC has pulled back almost perfectly to the 0.382, 0.50 and 0.618 Fibonacci retracement levels from its most recent high to low range. This confluence of support provides buyers incentive to enter the market on any dips within this zone. Holding above $0.7906 keeps the outlook cautiously optimistic.
0.382 | 0.7950 |
0.50 | 0.7927 |
0.618 | 0.7906 |
0.786 | 0.7875 |
0.882 | 0.7857 |
Demand Zone
Sitting right at the key Fibonacci levels, the demand zone between $0.7835-$0.7900 will be strongly defended on an intraday basis. Multiple attempted breakdowns from this area have so far found bids protecting the downside. Continued holding within this zone is a bullish sign on shorter timeframes.
Zone Number | High | Low |
Demand Zone | 0.7900 | 0.7835 |
Fair Value Gaps / Imbalances
The bullish fair value gap (FVG) between $0.7918-$0.7900 adds intro pressure for upside continuation. As MATIC failed to fill this gap on the initial drop, buyers are likely to enter on any retests of the lower bound to capitalize. You would expect robust buying activity to defend this area and potentially propel prices higher once again from here.
Gap Number | High | Low |
Bullish FVG | 0.7918 | 0.7900 |