Polygon’s MATIC Price Struggling
Following a failed attempt to exceed the $1.00 resistance, Polygon’s MATIC price has declined steadily, performing less well than Bitcoin and Ethereum. The decline took it under various support levels, including $0.920 and $0.850, and even below $0.820 and the 100 simple moving average.
Now consolidating losses after reaching a low of around $0.728, MATIC is currently trading below $0.80 and the 100 simple moving average on the 4-hour chart. The chart also indicates the formation of a significant bearish trend line, suggesting that a further decline may be in the cards if it fails to break above the $0.800 resistance zone.
The $0.785 level and the trend line are immediate resistance points, followed by a key resistance at $0.800. A substantial increase could be expected if the price breaks above this level, potentially reaching $0.855 or $0.920.
Source: MATICUSD on TradingView
What’s Next for MATIC Price?
If the price remains below the $0.800 resistance, there’s a possibility of further downward movement. Immediate support is expected near $0.7285, with a major support level near $0.700. A break below $0.700 could lead to a fresh decline towards $0.650, with the next significant support at $0.618.
Technical Analysis and Indicators
Technical indicators are indicating a bearish momentum for MATIC/USD, with the 4-hour MACD in the bearish zone, and the 4-hour RSI below the 50 level. Major support levels are at $0.728 and $0.700, while major resistance levels are at $0.785, $0.800, and $0.855.
Hot Take: MATIC Price Under Pressure
Despite struggling to overcome the $1.00 resistance, Polygon’s MATIC price has seen a significant decline, trading below several key support levels. The formation of a bearish trend line and the failure to break above the $0.800 resistance indicate a potential for further downward movement. Technical indicators also support this bearish momentum, with immediate support at $0.7285 and a major support level at $0.700. The future of MATIC’s price remains uncertain as it continues to face selling pressure in the cryptocurrency markets.
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