MATIC - 🚨 Attention sign!

5 сент. 2023 г.

Hello friends!

Look at this analysis in MATIC:
We see Matic's weekly chart and its large drift from the all-time high.

Purple line:

Note that this line serves as an important support in this sideways process of Matic. However, it was lost the week of August 28th.
See the red signal on the chart, showing the rejection that occurred in an attempt to remain above this Trend Line.

This rejection could be the strong trigger for further declines, which would lead MATIC to test the orange line.

Orange Line:





This line understands to be the 0.382% fibonacci level and clearly a support that has been triggered a few times. If this occurs, Matic could experience a -30% devaluation.

Another important point is the zone of 50 and 0.618% fibonacci, located between 0.19$ - 0.09$.

Bullish bias:



The bullish bias would only be confirmed if there is confirmation of buying volume and prices are trading again above $0.70, resuming the uptrend and breaking a bear wedge that you can see on the chart.

Nothing can be ruled out.

Hope you enjoyed this review!
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