Crypto Market Update: Analyzing MATIC and SHIB’s Technicals

Examining Matic's daily chart reveals that the token's value has been steadily declining, despite recent partnerships. The declining trend has reduced investor interest, prompting them to sell their Matic holdings in recent days. This is due, in part, to Matic's inability to surpass previous resistance levels, which has resulted in a steady decline.

MATIC/USDT 1-day Technical Analysis 

However, Matic has been trading above the 200-day moving average, indicating that the current price drop may serve as a catalyst for an eventual upward trend. Furthermore, the current RSI reading of 57.63 indicates that there are still Matic enthusiasts active in the market, seizing the opportunity to accumulate discounted tokens while others opt to short the coin.

If MATIC is able to reverse the current bearish trend, we can expect MATIC to reach back to its current resistance level at $1.6980. However, another possibility is that MATIC can also dump to as low as $1.0296.

SHIB/USDT 1-day Technical Analysis 

Another chart is the 1-day technical analysis of the SHIB trading against USDT. SHIB has recently formed a golden cross on February 14, 2023. Ever since then, the coin seems to fluctuate higher than the previous price range. We can expect a higher reach for SHIB for 2023. 

Moreover, the coin is above both the 200-day and 50-day moving averages, meaning that the coin is going bullish. However, it still needs to break out of the current 1-day resistance zone in order to initiate a complete bull run. 

SHIB's RSI is displayed at 52.04, meaning that SHIB is currently in a good trend as there are quite good trading volumes in the market. SHIB's potential price point ranges from as high as $0.00001695 and as low as $0.00000775.