Polygon (MATIC) Price Today: Face Downside Risk of 30%, Right Time To Book Profit?

By Rekha chauhan
February 12, 2022 Updated February 12, 2022
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MATIC's Fresh All-Time High and Fantom's Bullish Price Action: Next Vital Price Levels

Polygon (MATIC) price has surged more than 80% following the consolidation in January. The token has breached the 200-day Simple Moving Average (SMA) at $1.62 but the rally remained short-lived. As the price dropped 19% in just two days.

  • Polygon (MATIC) consolidates after two days of massive loss.
  • MATIC price face rejection near 50-day SMA at $2.13.
  • After making swing top investors expect price retracement toward $1.40.

At the time of writing, MATIC/USD is trading at $1.70, down 0.79% for the day. As per the CoinMarketCap, the 24-hour trading volume is at $1,596,249,328 with a live market cap of $12,727,985,545.

MATIC At a Crucial point

Source: Trading view

On the daily chart, Polygon (MATIC) price has formed a downside pattern from the October $2.92, with a classic lower high lower low formation. MATIC price has sliced through the 50-day Simple Moving Average (SMA) at $2.27 on January 17, the price falls like a pack of cards.

However, buying pressure emerged near the lower trend line near the $1.35 historical demand zone. Furthermore, the price has breached the 200-day Simple Moving Average (SMA).

MATIC price may face its first downside target at the $1.40 horizontal resistance line. Furthermore, a break below the mentioned support level, the price could test the $1.20 lower trend line of the downside channel.

On the other hand, if the price is able to sustain the session’s low then it could reverse back to the psychological $2.0 level followed by the $2.20 horizontal resistance line.

Technical Indicators:

RSI: The Relative Strength Index (RSI) sliced below the moving average line indicates bulls are tiring near the higher levels.

MACD: The Moving Average Divergence Convergence (MACD) holds below the midline points at the bearish bias.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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