Matic shows signs of bottoming out on shorter timeframes per demand zone holds and consolidation inside ascending range/channel structure. However, upside remains limited by the resistance of 4H fib levels and 9327 levels. A decisive close above these resistances is needed to resume any recovery momentum in the near term. Risk remains for further weakness while support holds on dips.
Range bound action is likely to continue until the next clear breakout signal occurs on breaking above resistances or below key supports.
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 and daily charts.
4 Hour Timeframe
Price is finding resistance at 0.9327 level currently.
Fib retracement levels between 0.8720-0.8120 act as resistance.
Demand zone from 0.8654-0.8317 saw an upside momentum stall.
Fair value gap from 0.8654-0.8821 adds to support.
Support and Resistance Levels
Resistance Zone #1
0.9327
Fibonacci Retracement Levels
0.382
0.8720
0.50
0.8543
0.618
0.8371
0.786
0.8120
0.882
0.7977
Demand Zone
Zone Number
High
Low
Demand Zone 1
0.8654
0.8317
Fair Value Gaps / Imbalances
Gap Number
High
Low
Bullish FVG 1
0.8654
0.8821
1 Hour Timeframe
Price consolidated inside an ascending channel.
Testing support at 0.8270 currently with stronger support of 0.8182.
Similar fib retracement and demand zone levels as 4H.
Fair value gap from 0.8640-0.8821 reinforcing underlying support.