The Polygon(MATIC) coin getting listed on the trading platform Robinhood triggered a significant inflow on April 12th. Amidst the announcement, the MATIC price reached a high of the $1.475 mark, indicating a 10.75% intraday gain. However, the buyers obtained strong rejection at a higher price, forcing the coin price below the $1.4 resistance.
- The MATIC price rebounded from the $1.33 support
- The downsloping 100-day EMA hints at a bearish crossover with the 200-day EMA
- The intraday trading volume in MATIC is $797.5 Million, indicating a 19.7% gain.
The V-shaped recovery initiated from the $1.35 support surged the Polygon(MATIC) price by 28.5%. The bulls knocked out some significant resistance levels, such as $1.4 and 1.53, before hitting the $1.7 weekly resistance.
However, amid uncertainty across the crypto market in march end, the coin buyers struggled to surpass the $1.7 resistance. As a result, the sellers eventually wrested control from buyers and lowered the coin price.
The MATIC price plunged to $1.33 support as the new bear cycle wiped out all gains acquired during the last recovery. Moreover, the aggressive selling in the market may tease a bearish breakdown from the bottom.
However, Last quarter the MATIC price couldn’t move past the $1.33 support due to the presence of strong demand pressure. Therefore, the potential buyers should wait for reversal signs at this support before entering the market.
The flattish 100-and-200-day EMA signals a sideways rally for MATIC. However, the slight decline in these EMAs suggests the sellers are aggressive at the current time.
The MACD indicator signals weakness in the bearish momentum as the gap between the MACD and signal lines shrunk. Moreover, a potential bullish crossover could indicate a buying opportunity for traders.
- Resistance levels- $1.5 and $1.7
- Support levels- $1.4 and $1.35
- Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- South Korean Terra Holders Skyrocketed After Its Crash, Here’s Why
- Verse Metaverse – LA Villa Hand Over On May 30
- Bitcoin (BTC) Faces A Crash To 2020 Lows, Here’s Why
- On-Chain Data: Bitcoin (BTC) Always Pegs Higher Trust Over Ether (ETH) in Bear Market
- Is Terra’s Singapore Office A “Paper Company?”
- Bitcoin (BTC) Options Market Hints Major Downside Risks Over Next 3-6 Months
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?