MATIC (Polygon) price treads water on the first day of the fresh trading week. MATIC price has been on a continuous downtrend since December until finds some consolidation in January. Going forward, investors can expect polygon to extend the gains further.
- MATIC (Polygon) trades modestly higher on Monday.
- MATIC dropped 22% after penetrating the bearish slopping line.
- The momentum oscillator remains neutral warns of aggressive bids.
In the recent development, polygon (MATIC) has been chosen to launch a Web3 social media protocol built by Aave, the Defi lending platform.
MATIC awaits for the upside continuation
On the daily chart, polygon (MATIC) has depreciated 55% while moving inside the downside channel. Investors after hitting the lows in January records an ascent of 60%. After a brief dip below the crucial 200-EMA (Exponential Moving Average), the resurgence of buying pressure pierced above the mentioned moving average once again. The above-average volumes have been supportive of the bullish sentiment.
However, a strong conviction is required to carry on the current price action. If the buying pressure is able to produce a green candlestick on the daily chart then it would strengthen the possibility of bulls testing the psychological $2.0 level.
This would also coincide with the upper trend line of the descending channel. Investors will be aiming for the $2.40 horizontal resistance level from there.
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On the flip side, a shift in the bullish sentiment would seek the lower target. As price is already pressured below the 200-EMA at $1.69. From here on the altcoin might break below this foothold and make its way toward the next support level at $1.20.
Technical indicators:
RSI: The Relative Strength Index (RSI) has crossed below the average line while reading at 42.
MACD: The Moving Average Convergence Divergence (MACD) still hovers below the midline with a neutral stance.
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