Polygon (MATIC) Hits 2 Month Low As Bears Refuse To Back Down


  • Matic price Network falls nearly -30% the last week
  • Matic price continued to fail at breaking mid term trend
  • Support of $0.86 is holding price from further downfall

MATIC Price Overview

Matic price experienced mind blowing gains throughout April & May as it nearly outperformed every other coin in its class. Unfortunately for holders, Polygon (MATIC)  is now down nearly -70% from its ATH. The rest of the cryptocurrency market also has been failing to gain its footing as BTC seems stuck under $35,000. Once the large cap coins experience a strong breakout, a new trend will be set for the mid caps such as MATIC.

As shown in red, MATIC price has been respecting a descending channel for the past month. At the time of writing, price has touched the bottom trend of this channel which has provided a bounce 3 other times. We can expect a similar bounce to be seen but if it fails to occur, MATIC may be in for much further downfall.

Along with this trend line lies a major support zone of $0.818-$0.862 that price must hold above to keep it from falling further. A break below this support will likely land MATIC price to low $0.70s.

Matic Price Analysis: MATIC/USDT 4 Hour Chart

Price has been rejected multiple times at a mid term trend line which is shown in black. Throughout the last month, this trend line has held price down from starting a bullish trend. Along with this line, the 100MA has been a barrier for price since mid June. MATIC price must clear over its minor resistance of $0.948 to have a shot of break these two marks. If deemed successful, the chances of a bullish trend beginning become much higher. 

While looking at the RSI, we can see strength has recently visited the oversold territory below the 0 value. Since then, price has made a lower low but strength has made a higher low. This has created a clear bullish divergence which might send MATIC back to its minor resistance very soon. The MACD has been consolidating below the 0 value as the histogram is hours away from ticking green which will likely start some type of upward revival. 

MATIC price intraday levels 

  • Spot rate: $0.878
  • Trend: Bearish
  • Volatility: Medium
  • Support: $0.863
  • Resistance: $0.948

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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