MATIC is one of the most traded coins in the market currently. The project was launched back in 2017 by JayntiKanani, SandeepNailwal, and AnuragArjun. Being backed by Binance and CoinBase, the coin holds a good future. It was formerly known as Polygon and is a Layer 2scaling Solution. The purpose is to scale different blockchains so they can be easy to adopt. MATIC uses Plasma Framework and Proof-of-Stake blockchain architecture.
With a total supply of 6.44B MATIC coins, it has a total supply of 10B coins. According to coinmarketcap, MATIC is currently being traded at a price of $1.43 after an increase of 0.70% in a day. Where most of the coins have started rallying again after Btc became stable above the $46.6k support, Matic is currently lagging. Overall Matic has had a drop of 3.64% in the last 7 days.
MATIC Technical Analysis
The last article on the MATIC technical analysis was uploaded on Stocks Telegraph a few days back. It was pointed that the market may follow one of the two paths that were shown in the graph. Now today, after few days, it can be seen that MATIC has followed one of the routes and had rejected.
The market has lost its momentum towards the upside, and its showing a possible shift in market structure. Now ideally the correction may continue to follow till in between $1.062 to $1.247
Now taking about these levels, why are they of importance? These levels are the previous structural Lows and are in confluence with the Fibonacci levels, so it is likely that these levels may hold, and price may react from that.
The price moreover has broken an ascending trendline showing a confluence to the downside as well, so it all makes sense till now. The price action behavior seems interesting as well, as the market repeatedly showed bearish engulfing candles in that.
When will the Correction End?
All talks about the correction itself but there can be confirmations to find when the correction will end. Firstly if we look at RSI and we find divergence then it can act as a first confluence to find when the correction will end. When the price goes to the desired zone and we find a change in the momentum and structure at lower time frames, it can be considered as the second confluence to the next leg up.
