Price Analysis

MATIC Price Prediction: Bull Trap Sets Polygon Coin For 15% Downside Risk

Amid the market turbulence, the MATIC price breached $1.18 support indicating a prolonged correction is plausible.

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Published 15 Mar, 2023 | 08:20:42 PM UTC

MATIC Price Prediction: Bull Trap Sets Polygon Coin For 15% Downside Risk

The MATIC price failure to sustain above the $1.18 support threatens the coin holders with a prolonged correction. Despite the recent recovery attempt, the buyers’ inability to sustain the above higher levels indicates the market participants are interested in selling on rallies. This breakdown may cause sellers to plunge the polygon coin price below the $1 mark.

Key Points

With today’s price drop, the MATIC price nosedived below $1.18 support
The 200-day EMAs slope trying to maintain the long-term growth
The intraday trading volume in the MATIC is $832 Million, indicating a 21% loss.

Source- -Tradingview

Amid the recent recovery in the crypto market, the MATIC coin price rebounded from the $0.946 support on March 10th. The bullish reversal surged the price by 27% and breached two local resistance levels of $1.06 and $1.18.

This breakout should have bolstered buyers with an additional footing to lead prices higher but a sudden sell-off in the market undermined the prior breakout. Today, the MATIC price dropped 7.4% intraday and currently trades at $1.1.

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Thus breakdown could have trapped the aggressive traders who entered a $1.18 breakout. If the downfall continues, the long holders could face forced liquidation which will increase selling orders in the market.

If the daily candle closes below the $1.18 level, the sellers will regain additional buyers to pressurize buyers for further downfall. With sustained selling, the Polygon price will plunge the prices to $1.06, followed by $0.94.

Technical Indicators

RSI: The daily RSI slope turned downfall from the midline accentuates the market sentiment favor prolonged downfall.

Bollinger Band: the falling prices plunged below the Bollinger band’s midline indicating the seller’s control of the current price movement.

MATIC Coin Price Intraday Levels

Spot rate: $1.117
Trend: Bearish
Volatility: Medium
Resistance levels- $1.18, and $1.3
Support levels- $1.06 and $0.94

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 15 Mar, 2023 | 08:20:42 PM

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