Claim BonusMATIC Price Takes A U-turn near $2.08; Is It Buy The Dip Opportunity?
Polygon (MATIC) price fails to capitalize on the previous day’s gains. The price shoots up 10% in a single day after weeks-long consolidation on Monday. Investors accumulate around $1.45 of a strong support level.
As of press time, MATIC/USD is trading at $1.91 with more than 5% losses. The total 24-hour trading volume stands at $2,599,056,185 gaining more than 170%.
Polygon (MATIC) Price Under Pressure Near 50 DMA
On the daily chart, Polygon (MATIC) price has taken the support near the previous supply zone near $1.45. Earlier, the polygon has lost from the December 27 highs of $2.95.
The MATIC price rallied from the lows made on January 24 lows of $1.30. The descending trend line from the mentioned high level acts as a strong barrier for the bulls, thus limiting the gains for the Polygon.
The volumes have been on the decline since the fall in the price beginning as indicated by the On Balance Volume (OBV) indicator.
The Daily Relative Strength Index (RSI) reads at 52 showing a sudden downtick in the indicator. The bearish momentum in the price drove the momentum indicator towards the lower level.
If the price descends below the session’s low then the immediate downside target is placed at $1.50.
Alternatively, a decisive close above the bearish slopping line, which also coincides with the break of the 50-DMA could result in the reversal of the current trend. Investors could test the $2.50 horizontal resistance level.
As per the latest news, Polygon has raised $450 million in a funding round led by Sequoia Capital India. The news provides some fundamental thrust to the MATIC price.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- CLARITY Act: Crypto Group Challenges Banks Proposal With Its Own Bill Suggestions
- Trump’s Truth Social Files For Bitcoin, Ethereum, Cronos Crypto ETFs Amid Institutional Outflows
- Trump Tariffs: U.S. Supreme Court Sets February 20 for Potential Tariff Ruling
- Brazil Targets 1M BTC Strategic Reserve to Rival U.S. Bitcoin Stockpile
- Breaking: U.S. CPI Inflation Falls To 4-Year Low Of 2.4%, Bitcoin Rises
- Bitcoin Price Outlook As Gold And Silver Lose $3.6 Trillion in Market Value
- XRP and Ethereum Price Prediction as Trump Seeks to Lower Key Tariffs
- Solana Price Prediction as $2.6 Trillion Citi Expands Tokenized Products to SOL
- Bitcoin Price Could Fall to $50,000, Standard Chartered Says — Is a Crash Coming?
- Cardano Price Prediction Ahead of Midnight Mainnet Launch
- Pi Network Price Prediction as Mainnet Upgrade Deadline Nears on Feb 15
