Tether has lost some of its bullishness and the Polygon price (MATIC) showed great strength against Tether in recent weeks. Polygon is holding at $0.75, which is a significant increase in value compared with other crypto assets losing their support. (Data from Binance).
Polygon (MATIC), Price Analysis on The Weekly Chart
The chart shows that MATIC’s weekly low was $0.75. MATIC then bounced back to $1, as it is not possible for the price to continue to rise after rejection.
MATIC’s weekly candle closed with a bearish sentiment, with the new week’s candle looking more bearish.
It has shown little to no traction. If MATIC’s weekly chart price structure is maintained, MATIC could test its $0.6 support area.
MATIC must hold the resistance level at $0.6 in order to move higher.
Weekly resistance for the price of MATIC – $1.
Weekly support for the price of MATIC – $0.6.
Analyse of Price for MATIC On the Daily (1D) Chart
MATIC prices have been found to be ranging after they were rejected from $1 despite being bullish in the last weeks. They rallied from $0.3 to $1.
MATIC’s price has been between $1 and $0.75, with the support price being $0.75. MATIC’s price must rise to $0.8 to continue trending upwards.
MATIC will lose $0.8 if it fails to recover its $0.8 price. The support levels at $0.75 & $0.6 are good areas for bulls to increase their strength and prevent the price from falling.
MATIC currently trades at $0.77. This is just below the 50-200 Exponential Moving Averages (EMA) which correspond to prices of $0.82 or $1 and acts as resistances for MATIC’s price.
MATIC has been holding steady despite the recent retracement. If the price remains above $0.6-$0.77, MATIC could trend higher.
Relative Strength Index, (RSI), for MATIC price at the time of writing is shown on the daily chart. It indicates that there have been sell orders.
Daily (1D) resistance for MATIC price – $0.82-$1.
Daily (1D) support for MATIC price – $0.75-$0.6.
Prices Analysis for MATIC On the Four-Hourly (4H). Chart
MATIC’s price has held strong after its rejection at $0.82. This resistance was met with great success. MATIC prices are trading at $0.85 below the 200 and 50 EMA levels, which is resistance to MATIC.
For Polygon to be bullish, it must hold and break the 50 and the 200 EMA. MATIC should break and stay above for Polygon to remain bullish. We could see Polygon retesting support levels of $0.75 to $0.6.
Four-Hourly (4H) resistance for MATIC price – $0.82.
Four-Hourly (4H) support for MATIC price – $0.75-$0.6
Featured image from zipmex. Charts by TradingView.com