- MATIC’s price slowed down after showing so much strength as it rallied to a high of $0.97 but got rejected as the price rallied downward.
- MATIC might experience price retracement because MATIC is located on a critical support area that holds the price back from buyers in the hopes of a rebound.
- MATIC’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).
Polygon’s (MATIC), price showed incredible price movement as it rose from $0.35 to $1.2, before being rejected back to $0.77 where bulls could hold off sell-offs. With Polygon (MATIC), many crypto-curious investors would be willing to trade with it any day, the market has seen some relief from all other assets. MATIC is sitting on key support and could see a decline in its price due to uncertainty in crypto markets. Data from Binance
Polygon (MATIC), Price Analysis on The Weekly Chart
Many altcoins have continued to show over 2000% growth over the last week, breaking free of range bound movement. This is a sign that many people believe there may be more hope in the cryptocurrency space.
This week was different. Many altcoins, such as MATIC, that had enjoyed a great run have been unable to keep up with their support area.
MATIC’s price has had a great run but has faced a setback in rallying past the high of $0.97 to a region of $1, as anticipated by many. MATIC’s weekly close was above $0.85 and MATIC reached a peak of $0.97. However, it experienced a slight rejection that caused the price to fall to $1.
MATIC’s price has held above $0.85, which is a bullish area. However this may be an illusion as sellers are unable to keep the region at bay.
Weekly resistance for the price of MATIC – $0.97.
Weekly support for the price of MATIC – $0.85-0.77.
Analyse of Price for MATIC on The Daily (1D?) Chart
MATIC prices are strong in the daily time frame. The bulls attempt to maintain the price above $0.83 as a support area.
MATIC is currently trading at $0.85. It’s just above the key support for the daily timeframe. MATIC has rallied successfully from this region many times and reached a high point of $0.97, before it was rejected.
MATIC’s price needs to remain at or above 38.2% Fibonacci region value to prevent bears from buying MATIC and driving it down to $0.45.
Daily resistance for the MATIC price – $0.97.
Daily support for the MATIC price – $0.83-$0.77.
Featured Image from Daily Hodl. Charts from Tradingview
