Polygon Shows Bearish Signs, Can $0.76 Support Hold Price Of Matic?

As the price for Polygon (MATIC), has been struggling to remain above $0.8, the price for Bitcoin (BTC), which showed indecision for several weeks, moved in a range of $19,000.500-$20,000 for weeks with price movements stalling at the next move. It has had an impact on the cost of altcoins like Polygon (MATIC), with prices dropping below $0.8 and quickly reclaiming that region. (Data from Binance).

Polygon (MATIC), Price Analysis on The Weekly Chart 

MATIC’s bullish movement that created excitement in recent weeks has been difficult to replicate. The MATIC price couldn’t trade above $1.

The $1 region has been a difficult nut to crack and acts as resistance to MATIC’s rise. 

MATIC’s weekly price trading above $0.8 gives it a better chance of trending higher after a series of bullish runs from a low of $0.35. MATIC might fall short of the $0.8 support, and MATIC will likely retest $0.77.

MATIC’s price is still bullish. It must break the resistance at $1. Otherwise, MATIC will continue to trade in the $1-$0.8 area.

The MATIC Price will likely continue to be bullish if the volume of buys increases.

Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.84 -$0.77

Analyse of Price for MATIC on The Daily (1D, Chart)

Weekly MATIC price chart | Source: MATICUSDT On Tradingview.com

MATIC’s bullish trend broke below the price, and the trendline has been rebuffing the price. MATIC’s key support at $0.95 was not held. The price plummeted to $0.77, before rebounding off the region. This area appears to be a demand region for additional buy orders.

MATIC’s price has remained bearish, indicating that more sell orders have been placed recently. MATIC could test $0.6 if it maintains its current structure.

MATIC trades currently at $0.83. That’s just below its 50 and 200 daily Exponential Moving Averages. The 50 and 200 EMAs act as resistance and provide prices of $0.835 to $0.98.

Daily resistance for the MATIC price – $0.9.

Daily support for the MATIC price – $0.77-$0.6.

MATIC Price Analysis on The Four-Hourly (4H), Chart

Source: MATICUSDT On Tradingview.com| Source: MATICUSDT On Tradingview.com

Although the MATIC price for the 4-hour timeframe is still bearish, there are some rays of hope since the price has remained above $0.80. Resistance from the 200 and 50 EMAs appears to have rejected MATIC’s price.

MATIC’s price must break above the 50 and 200 EMAs, which correspond to $0.85 to have a chance of trending higher.

MATIC’s Relative Strength Index is (RSI for MATIC) below 50 in the 4H chart. This indicates a low volume of MATIC buy orders.

Four-Hourly resistance for the MATIC price – $0.9.

Four-Hourly support for the MATIC price – $0.77-$0.6.

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