MATIC Technical Analysis: Buyers Struggle For A Reversal

MATIC coin price shows a downtrend in a falling wedge breaking below the $1.25 mark but finding support at the trendline to prepare for a bullish reversal. Key technical points: MATIC prices break below $1.25. The daily EMAs achieve a bearish alignment. The 24-hour trading volume of Polygon is $539.82 Million, reflecting a hike of 8%. Past Performance of MATIC MATIC coin price fails to sustain above the $1.25 mark after facing rejection from the 50-day EMA. The downfall breached the $1.34 consolidation range after facing rejection from the 50-day EMA, resulting in a deflation of 10% last week. However, the support trendline and the $1.20 level are barriers to the downfall, providing hope for a reversal. Source-Tradingview MATIC Technical Analysis The MATIC coin price shows a long-term correction rally in a falling wedge fashion accounting for a 41% downfall since February 2022. However, the recent fall below the $1.25 mark warns of a support trendline fallout. Achieving a bearish alignment, the falling trend of the crucial daily EMA influences high bearishness. Hence, the indicator projects a high possibility of a downtrend continuation. MACD Indicator: The MACD and signal lines maintain a falling trend below the zero line, reflecting a downtrend in action. The MACD histograms support a bearish trend reflecting a high downtrend possibility. RSI Indicator: The RSI slope shows a gradual rise in the bearish powers as it approache...