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.
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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.
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