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MATIC’s down-channel projects two possible breakout scenarios
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ambcrypto.comDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
MATIC is undergoing a bearish crunch at the moment, with its 4-hour RSI and MACD trading below their respective half-lines. Having shed nearly 20% of its value within a down-channel which has lasted for 11 days, MATIC seemed to be eyeing a northbound breakout to get back rolling above the $2-mark.
On the other hand, bears can trigger a breakdown if MATIC weakens below the 38.2% Fibonacci level.
At the time of writing, MATIC was trading at $1.73, up by 1.3% over the last 24 hours.
Source: MATIC/USD, TradingView
Consistent lower highs and lower lows marked a descending channel for MATIC, with the same holding firm
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