Polygon Coin Could Slide To $1 As Multiple Hurdles Pressurize MATIC Buyers

On March 10th, the Polygon coin price bounced back from the combined support of $0.948 and 0.786 Fibonacci retracement level. This bullish reversal has surged the coin price by 20% in the last four days where it currently trades at the flipped resistance of $1.18. However, is the ongoing rally a resumption of a prior uptrend or just a temporary pullback before the next bear cycle hits?

Key Points 

• The Polygon coin above the 200-day EMA reflects the overall price trend as bullish
• The  $1.18 and $1.3 are crucial barriers that could restrict buyers to resume prior recovery.
• The intraday trading volume in the MATIC  is $795.4 Million, indicating a 30% gain.

Source- -Tradingview

A V-top reversal from the $1.53 peak showcased a directional downfall in the Polygon coin price.  Over the past three weeks, this downfall tumbled the coin price by 38% and plunged it to 0.786 Fibonacci retracement level.

Though 0.786 FIB is a strong support zone, the coin price falling to such a low level during correction is a sign of weakness in bullish momentum. However, the buyers have recently managed to rebound from this support and push the prices to the $1.18 resistance.

By the press time, the MATIC price trades at $1.13 with an intraday loss of 1.39%. Considering the overall negative sentiment in the market, the currently bullish reversal is still to be assessed as a temporary pullback.

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Thus, for prices to gain additional confirmation on the resumption of the uptrend, the buyers need to breach the $1.18 and $1.3 barriers.

On a contrary note, a possible reversal from $1.18 will encourage a revisit to $0.948 support.

Technical Indicators

EMAs: The 20-and-50-day EMAs on the verge of bearish crossover near the $1.18 level will create a strong barrier against the potential rise

MACD: the MACD and the signal line nearing a bullish crossover indicates the buying pressure is gradually rising

Polygon Coin Price Intraday Levels

• Spot rate: $1.13
• Trend: Bearish
• Volatility: Low
• Resistance levels- $1.18, and $1.3
• Support levels- $1.05 and $0.93