Polygon Price Analysis: Is $0.5 a Solid Support in the Current Market Chaos?
Polygon Price Analysis: Amidst the increasing bearishness in the crypto market, the polygon coin price witnessed an aggressive downfall within a fortnight. From the peak of $0.995, the coin price tumbled 45.4% to hit the psychological support of $0.509-$0.5. However, the sellers are currently facing a major hurdle at the $0.5 mark, projecting the buyers may regroup at this support. Will recovery kickstart?
Also Read: Kraken NFT Launched Officially With Polygon Integration
MATIC Price Daily Chart
- A lower price rejection candle at $0.52-0.5 indicates rising buying pressure.
- A MATIC price may face high supply pressure at the $0.698 mark
- The intraday trading volume in the MATIC is $364.5 Million, indicating an 8.67% gain.
Source-Tradingview
On June 10th, the MATIC price recorded a 28% loss in the early hours and tested the psychological support zone of $0.52-$0.5. The investor reacted quickly to the discounted price and the intraday loss was halved by the day’s end.
The resulting lower tail rejection reflects the $0.5 as a strong accumulation, withstanding the current market sell-off. By the press time, the MATIC price trades at $0.6, with an intraday loss of 1.3%.
It is likely the altcoin price will make a revisit to $0.5 and confirm its sustainability above it. A potential consolidation above the aforementioned support could offer a reaccumulation opportunity to traders.
On a contrary note, the recent breach support of $0.687 and $0.745 will act as crucial ceilings to validate if buyers are ready for a recovery rally.
Can MATIC Price Sustain $0.5 Support?
Despite the aggressive sell-off on June 10th, the MATIC price didn’t breach the $0.5 support, indicating that even in unfavorable scenarios the buyers defended the mentioned support. Therefore, it’s less likely to see a breakdown below this until we see some other negative news spread across the market. The long-tail rejection is a sign that buying pressure is rising at the $0.5 mark.
- Bollinger Band: The coin price challenge the lower band of the BB indicator 3rd deviation indicates instability in the current downtrend,
- Relative strength index: The daily RSI slope also plunged to an extremely low level(14%) in the oversold region indicating that any further selling is less likely
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