Polygon Shows Bearish Signs, Can $0.76 Support Hold Price Of Matic?
The price of Polygon (MATIC) has struggled to stay above the key support zone of $0.8 as the price of Bitcoin (BTC) showed indecision for weeks as the price moved in a range for weeks between $19,500-$20,000 with the price stalling on the next movement. This has affected the price of altcoins, including Polygon (MATIC), as prices dropped below $0.8 but reclaimed that region quickly. (Data from Binance)
Polygon (MATIC) Price Analysis On The Weekly Chart
The price of MATIC has had a difficult time replicating its bullish move that has created euphoria in recent weeks as the price could not trade above the anticipated $1.
This region of $1 has become a hard nut to crack, acting as resistance for the price of MATIC to trend to higher heights.
MATIC’s weekly price trading above $0.8 gives it a better chance of trending higher after a series of bullish runs from a low of $0.35. If MATIC fails to hold the $0.8 support level, the price of MATIC may retest $0.77, which is also a good price support level.
With the price of MATIC still looking bullish, it must overcome the resistance at $1; otherwise, the price of MATIC will remain in the $1-$0.8 range.
If the MATIC price maintains this bullish structure, we may see it retest $1 and possibly higher with increased buy volume.
Weekly resistance for the price of MATIC – $1.
Weekly support for the price of MATIC – $0.84 -$0.77
Price Analysis Of MATIC On The Daily (1D) Chart
After breaking below its bullish trend, the price of MATIC has struggled to reclaim that trend, with the price being rejected by the trendline acting as resistance. The price of MATIC failed to hold its key support found at $0.95 as the price fell to a region of $0.77 before bouncing off that region with what looks like an area of demand for more buy orders.
MATIC’s price has remained bearish, indicating that more sell orders have been placed recently. If the price of MATIC maintains this structure, the support at $0.77 may be broken, and the price may retest the lower support of $0.6.
MATIC is currently trading at $0.83, just below its daily 50 and 200 Exponential Moving Averages (EMA). Prices at $0.835 and $0.98 correspond to the 50 and 200 EMAs, which act as resistance to the MATIC price.
Daily resistance for the MATIC price – $0.9.
Daily support for the MATIC price – $0.77-$0.6.
MATIC Price Analysis On The Four-Hourly (4H) Chart
The MATIC price in the 4H timeframe remains bearish, but there is some hope as the price remains above $0.80. The MATIC price appears to have been rejected by the 50 and 200 EMAs, which were acting as resistance.
MATIC’s price must break above the 50 and 200 EMAs, which correspond to $0.85 to have a chance of trending higher.
The Relative Strength Index (RSI) for MATIC is below 50 on the 4H chart, indicating a moderate buy order volume for the MATIC price.
Four-Hourly resistance for the MATIC price – $0.9.
Four-Hourly support for the MATIC price – $0.77-$0.6.