Posted 12/13/2023, 11:00:00 AM
MATIC Faces Pivotal Moment After Failed Breakout Attempt - Support at $0.85 Key for Near-Term Direction
- MATIC price failed to break out from 720-day descending resistance trendline last week, created lower high
- MATIC trades above main horizontal support area around $0.85
- Analysts and traders mostly bullish on MATIC's future trend due to stakers conviction and ecosystem growth
- Bearish divergence on daily RSI preceded recent failed breakout, indicating potential for breakdown below $0.85
- If $0.85 support breaks, 13% drop to $0.74 possible; reclaiming $0.85 can lead to 45% rally to $1.25 resistance