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MATIC Slides Deeper: Will It Break The $0.3132 Barrier?
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MATIC Slides Deeper: Will It Break The $0.3132 Barrier?

Godspower Owie
Godspower Owie
9 months ago
3 mins read
MATIC

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MATIC is under mounting bearish pressure as it continues its downward slide, drawing closer to a critical support level at $0.3132. A break below $0.3132 could open the door to additional losses, signaling a deeper bearish trend ahead. With the market sentiment turning increasingly negative, speculations are whether the bears can push the price beyond this vital support zone or if the support will hold firm against the downward momentum.

As MATIC hovers near the crucial $0.3132 support level, this article aims to analyze its current price action by examining key technical indicators and market sentiment. It explores the potential outcomes if MATIC breaches this level and what this could mean for the cryptocurrency’s future trend.

Current Market Overview: Bearish Sentiment Dominates

On the 4-hour chart, after successfully breaking below the $0.5030 mark, MATIC has continued to build negative momentum dropping under the 100-day Simple Moving Average (SMA) as it moves toward the $0.3132 support level. The digital asset has maintained a consistent downward trend, indicating that the bears remain firmly in control and could drive the price even lower if the selling pressure persists.

MATIC
MATIC displays bearishness under the 100-day SMA | Source: MATICUSDT on Tradingview.com

Additionally, the 4-hour Relative Strength Index (RSI) shows that the signal line is well below the 50% threshold, situated at 33%. A sustained RSI reading below 50% suggests that the downward trend could continue, reinforcing the likelihood of additional declines as bearish sentiment remains strong.

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On the daily chart, MATIC is also exhibiting significant pessimistic movement as it trades below both the 100-day Simple Moving Average (SMA) and the $0.3132 support level. The formation of multiple bearish candlesticks underscores the prevailing negative sentiment and suggests that downbeat pressure remains dominant. This persistent drop indicates that the bears are maintaining control, and without a shift in momentum, MATIC may face further declines.

MATIC
MATIC trending below $0.3132 | Source: MATICUSDT on Tradingview.com

Finally, on the 1-day chart, the RSI signal line has significantly dropped below the 50% threshold, currently sitting at 34%. This sharp decline below the 50% mark suggests a strong downside sentiment and pressure if the trend continues.

A Breakout Or Breakdown Ahead For MATIC?

As MATIC hovers near the $0.3132 support level, two primary scenarios are unfolding. Should the price hold above this level, it could signal a bullish reversal, targeting higher resistance levels such as $0.5030 or beyond. Conversely, a break below $0.3132 could exacerbate the bearish trend, leading to deeper declines toward the next support zone.

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MATIC is trading around $0.372, marking a 1.11% decline, with a market capitalization of over $1.7 billion and a trading volume exceeding $170 million, as of the time of writing. Also, in the past 24 hours, MATIC’s market cap has decreased by 1.25%, and its trading volume has dropped by 35.49%.

MATIC
MATIC trading at $0.36 on the 1D chart | Source: MATICUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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