Polygon (MATIC) Held By A String, Will Bears Cut The Rope?

  • MATIC prices trade below 50 and 200 EMA daily, despite some relief strength. 
  • MATIC rallies were short-lived as BTC prices continued to fluctuate.
  • MATIC’s price must maintain $0.72 support, or it will drop to a weekly low. 

Although Polygon’s (MATIC) prices showed signs of bullishness, the price still struggles to overcome key daily resistance to USDT (tether). Polygon’s (MATIC) price fluctuated as bears feared a break of key support zones that would prevent MATIC’s price spiraling to weekly lows. (Data from Binance).

Polygon (MATIC), Analysis of the Weekly Chart 

MATIC’s price rallied from $0.3 per week to $1. Many traders and investors were amazed at this remarkable movement during a bear market. This has been a difficult time for many crypto projects.

MATIC’s price has recently declined after bouncing from its weekly low of $0.3 as a price rally to a high of $1 before facing a stip rejection, and the price has struggled to re-establish its bullish trend.

MATIC’s price remains just a hair above a key support area above $0.72; this area of support is acting as a good demand zone for buy orders. MATIC’s weekly resistance of $1 must be broken in order for it to trend higher.

MATIC’s rally must be reestablished if the price breaks and holds above $1 resistance. This should happen with high volume. MATIC could drop to $0.75 if the price continues to decline.

Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.72-$0.6.

Prices Analysis for MATIC On the Four-Hourly (4H), chart

MATIC Price Chart Four Hourly | Source: MATICUSDT On Tradingview.com

MATIC is trading below the key resistance during the 4H period as it tries to get out of its range movement.

MATIC price formed an ascending triangular structure as the price tried to break out from its downtrend area. However, it was rejected.

MATIC costs $0.75 more than 50 or 200 Exponentially Moving Averages (EMA). In the 4-H period, prices of $0.75 to $0.8 are the same as the 50- and 200-EMA prices for SOL.

MATIC’s price could reach $1 if it breaks below $8.

Daily resistance for the MATIC price – $0.8-$1.

Daily support for the MATIC price – $0.72-$0.7.

Featured Image from The Daily Hodl. Charts from Tradingview 

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