MATIC Suffers As 50 EMA Triggers Sell-Off!Bearish Engulfing: MATIC forms a bearish engulfing candle in the daily chart.
50-day EMA Struggle: MATIC fails to reclaim the 50-day EMA.
5.65% Drop: MATIC price drops by 5.65%, warning of further downside.
Psychological Mark: MATIC may test the $0.50 psychological mark soon.
Recent Breakout: MATIC had a recent breakout but faced a bearish setback.
Current Price: MATIC is trading at $0.5306, with an intraday move of 0.25%.
Double Top Pattern: MATIC forms a double top pattern at the 50-day EMA.
RSI Indicator: Daily RSI line maintains a positive trend, hinting at a bullish divergence.
EMA Outlook: 50-day and 200-day EMAs act as catalysts for bearish reversal.
Sideways Trend: MATIC teases a sideways trend between $0.49 and $0.60.
Uptober Rally: MATIC's recent price action threatens the spirit of the Uptober rally.
Positive Reversal: A reversal from $0.50 could rechallenge the $0.60 resistance zone.