Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%

Source : coingape.com

https://cdn.coingape.com/wp-content/uploads/2021/11/24214118/MATIC-Price-Edges.webp

Published 31 mins ago

A losing streak on Polygon (MATIC) price slumped to a $0.45 support. This minor support held the coin price above the $0.45 level for the past four days, validating it as viable support. However, today the coin sellers retry to breach this support and extend the downfall to the June bottom support of $0.45.

advertisement

  • The MACD slopes are on the verge of bearing crossover.
  • The 20-day EMA support turned into a viable resistance
  • The intraday trading volume in the MATIC is $402.5 Million, indicating a 3% loss

MATIC/USDT Chart

Source- Tradingview

On June 26th, the MATIC/USDT relief rally reverted from the $0.635 level with an evening star candle. The seven connective red candles with rising volume deprecated the altcoin’s market value by 27%. This reversal has nullified 50% of coin holders’ gains witnessed in the previous recovery.

Thus, losing this 50% mark indicates weakness in bullish momentum and plunged the altcoin to its current level of $0.456. Today, the MATIC price is down by 7.4% and teases a breakdown from the flipped support of $0.45.

Trending Stories

Thus, a daily candlestick closing below this support would encourage the continuation of the downward spiral and sink the MATIC price 28.8% lower to $0.32.

However, a long-tail rejection attached to the June 30th candle projected a demand pressure at $0.45. Thus, if the buyers manage to defend this support, the bullish momentum may restore and trigger another price jump.

The potential rally would drive the MATIC price back to $0.635 resistance, with a better possibility of breaking it.

Technical Indicators

RSI: the daily-RSI slope failed to sustain above the neutral line and nosedive below the 14-SMA, indicating weakness in bullish commitment.

EMAs: the coin buyers lost viable support for the 20-day EMA, which now acts as potential resistance. Moreover, the coin price trading below the crucial EMAs(20, 50, 100, and 200) suggests an overall downtrend.

advertisement

MACD Indicator: The fast and slow line nearing a bearish crossover into the negative region bolsters a breakdown from the $1.45 support. Moreover, gradually diminishing green bars in the histogram zone indicate weak bullish momentum.

  • Resistance levels- $0.58 and $0.63
  • Support levels- $0.45 and $0.32

Share this article on:

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story

Leave a Reply

Your email address will not be published.