Polygon (MATIC) price has shown remarkable recovery after a few weeks of consolidation. The price surged nearly 60% from the January lows. Today is not an exception but investors face some upside pressure near the crucial $2.0 level.
As of press time, MATIC/USD is trading at $2.01, up 3.85% for the day. Polygon records a drop in volume at $1.4 billion with the current market cap of $15 billion as per the CoinmarketCap.
- Polygon (MATIC) books gains on Wednesday.
- The price struggles below 50 SMA at $2.09.
- The momentum oscillator favors the current upside momentum.
MATIC faces a decisive point on the daily chart
Polygon (MATIC) has been rising from the lows of $1.46, which also happens to be the double support for the price. This level was first tested by the bulls in November after retracting more than 30% from October’s high. Investors enters into a short-term upside momentum and touched all-time highs at $2.92 on December 27.
However, MATIC has lost 55% in total volumes and once again tested the supply zone near $1.46. Now, the descending trend line from the mentioned high level is acting as a strong barrier for the pair.
Furthermore, the price is already struggling below the 50-SMA that is exerting selling pressure on MATIC. Bulls need to decisively pierce the bearish slopping line to continue with the current bullish bias.
The Daily Relative Strength Index (RSI) trades at 57, which signals at the underlying bullish sentiment. Any uptick in the momentum indicator could push MATIC towards the horizontal resistance line at $2.20 followed by the $2.40 psychological level.
On the flip side, a failure to hold the session’s low level would invalidate the bullish theory and will result in the meeting the lows made on Monday at $1.69.
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