MATIC Technical Analysis – September 2021
Over the last 30 days, MATIC has increased initially up to $1.8, but its price has declined ever since. It went as low as $1.1 on September 7th and has tried to correct but failed. Currently, MATIC is in a downtrend.
In the last 7 days, MATIC increased by 25%, but its price has been declining ever since. The trend is now descending and its price might look to test support at $1.1 in the coming hours.
The intraday chart suggests that MATIC may further decline in the coming hours. Sellers have taken over and the likelihood to maintain its bearish nature is high. In the coming hours, MATIC might test projected structures of support.
The 20-day moving average is above the price and suggests that the trend is now downward. This indicates that the MA line might act as potential resistance and that the price may keep further going down for MATIC.
The 9-day EMA suggests that the EMA has just gotten over the price. This might suggest that the trend has now reversed and that the price could go down and test support structures, while the EMA line might act as resistance.
Relative Strength Index
The RSI of the daily chart suggests that it is close to 30. Further decrease in the price of MATIC might make it oversold, and its price might soon correct after that. Furthermore, the RSI in a 4-hour chart is below 30. This indicates that a pullback is imminent in the coming hours for MATIC.
The MACD of a daily chart suggests that it is below the signal line and has moved below the baseline. This suggests that the momentum is bearish and that the price might decrease in the coming days.
Fear & Greed
The fear and greed indicator suggests that the current emotion of MATIC traders is fear. This suggests that traders are not very confident in buying MATIC. Excessive fear, however, could lead to a potential reversal.
The Fibonacci retracement levels from the highest point of this cycle suggest that the price of MATIC broke the 50% level, but it did not retrace to the 61.8% level.
As for the recent downtrend, support at $1.1 might retrace the price of MATIC to the 61.8% level.
Price Prediction MATIC – September 2021
Based on this analysis, MATIC might go further down in the coming days. While its price might soon find support and correct so that MATIC is no longer in the oversold region, other indicators suggest that its price is still bearish. We might see MATIC go close to $1.
Latest News for MATIC – Affecting Price
Polygon has recently partnered with Ernst & Young (EY) accounting firm in the US. Such partnerships can further boost Polygon’s utility and increase its price in the long run since clients of EY can easily access Polygon’s features.
Also read: Polygon (MATIC) Price Prediction 2021 and Beyond – Will MATIC Reach $10 in 2021?