MATIC Price Analysis: Can $0.5 Support Halt the Downward Spiral?
The MATIC price correction trend formed a new lower high at $0.891 and tumbled aggressively in the last five weeks. This downfall registered a 40% loss and evaporated the entire gain accumulated in the June-July rally. The falling prices may soon hit June 2022 at $0.509 to find suitable support. Can yearly support recuperate enough bullish momentum to kickstart a new recovery
Also Read: MATIC Price Heading to $0.5 Support; Buy this Dip?
MATIC Daily Chart: Key Points
- A bearish breakdown below $0.509 could extend the correction trend to $0.4 psychological support
- An ascending trendline wavering near the $0.4 mark has remained intact for over two years and therefore could offer a high area of interest for a potential bullish reversal.
- The intraday trading volume of the MATIC coin is $292 Million, showing a 15% gain.
Source- Tradingview
The polygon coin shows an evident V-top reversal from the $0.89. This downfall associated with rising volume indicates the sellers are aggressive and will lead to a prolonged correction in the near future.
Despite a significant price drop on August 17th triggered by broader market sentiment, the MATIC price continued a downward march, accentuating the active selling momentum. By the press time, this thirteenth largest cryptocurrency trades at $0.538, with an intraday loss of 3.34%
If the selling sentiment persists, the polygon coin could give a breakdown below the $0.509 support, The post breakdown may tumble the prices by 25% and hit a long-coming support trendline.
[converter id=”matic-polygon” url=”https://coingape.com/price/converter/polygon-to-usd/?amount=1″]
Can Polygon Coin Recovery Back to $0.9?
While the MATIC price behavior reflects the continuation of a downward trend, the coin buyers can obtain a long opportunity after a breakout of the overhead trendline. This resistance trendline is currently carrying the correction, and therefore its breakout could assist buyers to rechallenge the $0.07 or $0.9 barrier
- Bollinger Band: The downtick in the lower band on the Bollinger band indicator reflects the selling momentum is still aggressive.
- Moving Average Convergence Divergence: A bearish alignment between the MACD(blue) and signal(orange) project a downtrend sentiment.
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