MATIC broke down beneath the higher timeframe swing low at $0.6913, flipping the trend bearishly- should we anticipate $0.5 next?
witnessed a 38% drop from 9th to 13th April. In the past couple of days, the price attempted to bounce above a key resistance level of $0.73.This view was vindicated, and the token’s short-term bullishness took a U-turn at $0.751. At press time, the higher timeframe trend was firmly bearish. Investors should be prepared for more losses.The ascending trendline support from October was breached on the 12th of April. The bears achieved even more and drove prices below the $0.73-$0.75 support zone.
However, the spot CVD has trended firmly downward in April. Only over the past three days did it show signs of stabilizing. This was encouraging, but was likely not enough to reverse the downtrend. Hence, we can conclude that the short-term demand in the spot market remained fairly weak. It was gaining some strength, but that might not be enough to erase recent losses.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.
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