Polygon Coin Price Is Back To Its Multi-Month Support; Will it Rise Again?
The ongoing downfall in polygon coin price has stopped at a multiple-month support level of $0.763. Previously this support has initiated some strong rallies, validating it as a high accumulation zone. Thus, the coin price is currently hovering above this support in order to replenish lost bullish momentum.
Key points
- The short-term trend in polygon coins is sideways.
- The daily EMAs accumulated near the $0.87 mark create a tough hurdle to overcome.
- The intraday trading volume in the MATIC is $382.5 Million, indicating a 33% gain.
Source- –Tradingview
Amid the recent sell-off in the crypto market triggered by FUD surrounding Binance and the possible tightening of interest rate hikes by the US Fed, the polygon coin price witnessed significant outflow in last since last week.
From the top of $0.94, the altcoin is 18% down and evaporates the entire gains from the November end rally. By the press time, the coin currently trades at $0.79 and wavers above the multi-month support of $0.763.
Thus, the accumulation zone has well supported the polygon coin price over the past two months, maintaining an overall sideways trend. While the crypto market turned bullish today, the MATIC price rebounded 2.71% higher from the mentioned support.
If the buying pressure persists, a daily candle closing above the $0.82 resistance will increase the chances for a bullish reversal.
However, considering the overall market sentiment is still negative, the Polygon coin price will likely breach the $0.763 support. This possible breakdown may hint at a deeper correction which could plummet the prices 13.5% down to the $0.69 mark.
Technical Indicators
EMAs: the flattish EMAs(100 and 200) accentuate an overall range-bound movement. However, these EMAs offer additional selling pressure with a potential bearish crossover between the 50-and-100-day EMA.
RSI: the daily-RSI slope dives below the last swing slow for the support level, indicating weakness in the bullish momentum and a higher possibility for downtrend resumption.
Polygon Coin Price Intraday Levels
- Spot rate: $0.79
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.82 and $0.87
- Support levels- $0.76 and $0.6
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