Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%
A losing streak on Polygon (MATIC) price slumped to a $0.45 support. This minor support held the coin price above the $0.45 level for the past four days, validating it as viable support. However, today the coin sellers retry to breach this support and extend the downfall to the June bottom support of $0.45.
- The MACD slopes are on the verge of bearing crossover.
- The 20-day EMA support turned into a viable resistance
- The intraday trading volume in the MATIC is $402.5 Million, indicating a 3% loss
Source- Tradingview
On June 26th, the MATIC/USDT relief rally reverted from the $0.635 level with an evening star candle. The seven connective red candles with rising volume deprecated the altcoin’s market value by 27%. This reversal has nullified 50% of coin holders’ gains witnessed in the previous recovery.
Thus, losing this 50% mark indicates weakness in bullish momentum and plunged the altcoin to its current level of $0.456. Today, the MATIC price is down by 7.4% and teases a breakdown from the flipped support of $0.45.
Thus, a daily candlestick closing below this support would encourage the continuation of the downward spiral and sink the MATIC price 28.8% lower to $0.32.
However, a long-tail rejection attached to the June 30th candle projected a demand pressure at $0.45. Thus, if the buyers manage to defend this support, the bullish momentum may restore and trigger another price jump.
The potential rally would drive the MATIC price back to $0.635 resistance, with a better possibility of breaking it.
Technical Indicators
RSI: the daily-RSI slope failed to sustain above the neutral line and nosedive below the 14-SMA, indicating weakness in bullish commitment.
EMAs: the coin buyers lost viable support for the 20-day EMA, which now acts as potential resistance. Moreover, the coin price trading below the crucial EMAs(20, 50, 100, and 200) suggests an overall downtrend.
MACD Indicator: The fast and slow line nearing a bearish crossover into the negative region bolsters a breakdown from the $1.45 support. Moreover, gradually diminishing green bars in the histogram zone indicate weak bullish momentum.
- Resistance levels- $0.58 and $0.63
- Support levels- $0.45 and $0.32
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