The digital asset is at risk of falling below an important support level at $343. The 100-SMA on the daily chart has acted as a strong support point several times in the past and hasn’t been notably cracked since March 2020.
On the 12-hour chart, the bulls are already showing some strength after setting a low at $2.47 and bouncing towards $3.36. The MACD is slowly turning bullish, which has never happened before.
MATIC Network versus the BTC is showing a bearish move, out of a completed triangle in wave b, and indicates more weakness into a wave c, which is part of a bigger a-b-c move from the highs. Wave c is an impulse, a five-wave move, and can reach 2019 lows.
Image sourced from Pixabay
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.