Technical analysis of the Matic token 6-07-2021

pMATIC/ETH 4h

From 21st June when it formed a double top at the level of 0.00064919 Matic has been experiencing a downward trend. Over the last two days it formed a double bottom on the 0.000490 support, which can indicate the end of the downfall trend and a rebound. If that were to happen, then the nearest resistance level is MA55 (0.00052069) and the 0.236 fibo level (0.00052807). Breaking those levels will open a way towards the 0.382 fibo level MA100 level, so the full 0.00055-0.0005577 zone. If, however, the current 0.00049 support was to be broken, further decline towards the level of 0.0004475 will have an open way.

The RSI indicator is on the rise again, yet still holding under the level of 50 points. Only breaking out above that level will give a clear signal for purchasing. From the beginning of the month MACD has been generating a slight upward signal, but the final confirmation will only come when the MACD line climbs over the zero level. Turnover so far has stayed low.

Trade safely!

https://www.tradingview.com/x/LEO8ifd3/

Restistance levels: 0.00052069-0.00052807, 0.00055-0.0005577, 0.00057-0.0005764
Support levels: 0.000490, 0.0004475, 0.00039267

Maciej Harcej – Liga BTC for Kanga Exchange