Polygon (MATIC) Fails To Reclaim $1 Again; Here is Why Bulls Need Caution
- 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 could suffer retracement as the price site on a crucial support area, holding the price off from sellers with hopes of a rebound.
- MATIC’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).
The price of Polygon (MATIC) showed some incredible price action as the price rallied from a low of $0.35 to a high of $1.2 before facing a rejection back to its key support of $0.77, where bulls were able to hold sell-offs. The crypto market has enjoyed a bit of relief across all assets, with Polygon (MATIC) showing why many faithful would go with this coin on any particular day. With uncertainty in the crypto market creeping in, MATIC could suffer a setback in price as it sits on key support. (Data from Binance)
Polygon (MATIC) Price Analysis On The Weekly Chart
The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more.
The new week looked different, as many altcoins that have had a good run, like MATIC, have struggled to stay afloat as they hold their key support region.
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. After its weekly close of above $0.85, the price of MATIC rallied to a high of $0.97; the price faced a minor rejection to break higher to a region of $1.
The price of MATIC has maintained its bullish structure above the $0.85 region, but this could be a mirage as the price struggles to hold this region from sellers.
Weekly resistance for the price of MATIC – $0.97.
Weekly support for the price of MATIC – $0.85-0.77.
Price Analysis Of MATIC On The Daily (1D) Chart
In the daily timeframe, the price of MATIC continues to be strong as bulls try to hold the price above its key support zone at $0.83, forming strong support to hold off the price from sellers.
MATIC currently trades at $0.85, just above its key support on the daily timeframe after successfully rallying from this region several times to a high of $0.97 before being rejected.
The price of MATIC needs to hold above this region which corresponds to the Fibonacci retracement value at 38.2%, to avoid bears from taking over and driving the price down to a low of $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