MATIC shows indecision in defined ranges between support and resistance. Breakouts in either direction could offer more clarity on potential near-term moves. Downside risks remain present while upside remains limited for now.
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly, daily, and 4-hour charts.
1 Hour Timeframe
MATIC is currently trading between the 0.618 and 0.786 Fibonacci retracement levels, showing short-term consolidation in a downtrend.
Strong support lies at Support Zone 1 level of 0.8276. A break below this level could increase selling pressure.
On the upside, resistance is at the 0.382 Fibonacci level of 0.8023. Closure above here could indicate a potential trend reversal.
Within the demand zones, price finds support at Demand Zone 1 of 0.7786-0.7654 currently. Further support below lies at Demand Zone 2 of 0.7609-0.7362.
Downside appears favored in the near-term as long as price holds below the key 0.8023 resistance level. Momentum signals like RSI and MACD also show bearish tendencies on this timeframe.
However, positioning in demand zones provides a potential buy opportunity. A close above 0.8023 would confirm a bullish continuation pattern in play.