Polygon (MATIC) Held By A String, Will Bears Cut The Rope?
- MATIC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength.
- MATIC rally caught short as BTC price continued to range.
- The price of MATIC must hold $0.72 support or face a drop-down to a weekly low.
Polygon (MATIC) price showed some bullish strength recently, but the price has struggled to break above key daily resistance against tether (USDT). The price of Polygon (MATIC) has continued to range as bulls sweat over a potential break of the key support zone holding the price of MATIC from having a spiral down to a weekly low. (Data from Binance)
Polygon (MATIC) Price Analysis On The Weekly Chart
The price of MATIC showed incredible strength rallying from a weekly low of $0.3 to a high of $1, with many investors and traders left astonished as to this movement in a bear market that has brought nothing but a tough moment for most 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. For MATIC to have a chance to trend higher, the price must break through its weekly resistance of $1.
For the price of MATIC to restore its rally, the price needs to break and hold above the $1 resistance with good volume. If the price of MATIC keeps rejecting $0.75, we could see the price going lower to retest $0.6 support and possibly a lower support area of $0.45 on the weekly chart if there are sell-off.
Weekly resistance for the price of MATIC – $1.
Weekly support for the price of MATIC – $0.72-$0.6.
Price Analysis Of MATIC On The Four-Hourly (4H) Chart
MATIC continues to trade below key resistance in the 4H timeframe as it attempts to break out of its range movement.
After forming an ascending triangle as the price attempts to break out of its downtrend range, the price of MATIC has shown strength as it faced rejection.
The price of MATIC is $0.75 lower than the 50 and 200 Exponential Moving Averages (EMA). On the 4H timeframe, the prices of $0.75 and $0.8 correspond to the prices at the 50 and 200 EMA for SOL.
If the price of MATIC breaks and closes above $8, it could rally to a high of $1.
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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