Polygon (MATIC) price has surged more than 80% following the consolidation in January. The token has breached the 200-day Simple Moving Average (SMA) at $1.62 but the rally remained short-lived. As the price dropped 19% in just two days.
- Polygon (MATIC) consolidates after two days of massive loss.
- MATIC price face rejection near 50-day SMA at $2.13.
- After making swing top investors expect price retracement toward $1.40.
At the time of writing, MATIC/USD is trading at $1.70, down 0.79% for the day. As per the CoinMarketCap, the 24-hour trading volume is at $1,596,249,328 with a live market cap of $12,727,985,545.
MATIC At a Crucial point
On the daily chart, Polygon (MATIC) price has formed a downside pattern from the October $2.92, with a classic lower high lower low formation. MATIC price has sliced through the 50-day Simple Moving Average (SMA) at $2.27 on January 17, the price falls like a pack of cards.
However, buying pressure emerged near the lower trend line near the $1.35 historical demand zone. Furthermore, the price has breached the 200-day Simple Moving Average (SMA).
MATIC price may face its first downside target at the $1.40 horizontal resistance line. Furthermore, a break below the mentioned support level, the price could test the $1.20 lower trend line of the downside channel.
On the other hand, if the price is able to sustain the session’s low then it could reverse back to the psychological $2.0 level followed by the $2.20 horizontal resistance line.
Technical Indicators:
RSI: The Relative Strength Index (RSI) sliced below the moving average line indicates bulls are tiring near the higher levels.
MACD: The Moving Average Divergence Convergence (MACD) holds below the midline points at the bearish bias.
- 70
- About
- average
- bearish
- Bulls
- Buying
- classic
- Coingape
- CoinMarketCap
- consolidation
- could
- crucial
- day
- Demand
- down
- dropped
- Face
- First
- following
- High
- HTTPS
- index
- Investors
- IT
- January
- Level
- levels
- Line
- MACD
- Making
- Market
- Market Cap
- more
- Near
- Other
- Pattern
- Polygon
- pressure
- price
- Profit
- rally
- Relative Strength Index (RSI)
- reverse
- Risk
- Share
- Simple
- support
- support level
- Target
- test
- Through
- time
- today
- token
- top
- Trading
- volume
- writing