Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.Key metrics marked a plunge, but Open Interest across exchanges showed a positive signbulls have recovered losses while facing a barrier at its nine-month trendline resistance . The resulting buying comeback propelled a retest of the 200 EMA before an expected pullback.
After rebounding from the 200 EMA resistance barrier, the alt struggled to pull off a robust buying rally above its trendline resistance. Moreover, the recent bearish crossover on the 20 EMA and the 50 EMA reaffirmed the near-term selling edge. A close below the pattern or the $0.78-level would position MATIC for a near-term downside. In this case, the potential target would lie in the $0.69 baseline.
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