Matic Technical Analysis: Next Resistance level of $1.37 | Cryptoknowmics

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We are here to yet again enlighten you about news and predictions from the Crypto community!! And today we present to you a technical analysis video on MATIC Token!

Matic Network had announced that they are rebranding to Polygon. Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for scaling and infrastructure development on Ethereum.

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The price of the MATIC Token has been depreciated by 4.39% in the last 24 hours bringing its price down to $1.27. Although no relative price changes have been observed in the past week, the volatility of the token is seen as low.

The RSI is at 42.90% and is continuously making a downtrend on the chart, suggesting high selling pressures.

The MACD lines indicate a bearish crossover.

The OBV shows a downward slope which indicates a dip in the volume. 

The prices are expected to fall for the rest of the day.

MATIC is constantly making higher highs on the chart, giving us a bullish signal. However, it is currently trading near its support level of $1.26. If the price breaks down, it will test the next support level that is $1.12. 

However, if the buying pressure takes over, the price will try to break out of its resistance level of $1.37. After a breakout from this level, traders can take a long position by keeping a target at $1.49 and stop-loss at $1.21.

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