In these last two weeks, MATIC price lost around 30% dropping to the 3-month low of $1.5. The coin hovering above this support shows a few lower price rejection candles, indicating the presence of demand pressure. Can buyers reclaim the 200 DMA or seller will dominate again?.
Key technical element
- The MATIC chart shows a bearish crossover of the 20-and-100-day DMA
- The intraday trading volume in the Polygon coin is $1.5 Billion, indicating a 31% loss.
In our previous coverage of the Polygon coin, the MATIC/USD pair retested the rising trendline with the hope of a bullish reversal. However, last week’s crypto bloodbath violated this crucial support trendline, causing a 30% devaluation from the fallout point($2).
- The MATIC price plummeted to the three months low support of $1.5, and from last week it is hovering above this support to gather sufficient demand.
- This recent free fall engulfed the 200 EMA line, and the price is currently retesting this flipped resistance. Moreover, the 20 and 100 DMA offers a bearish crossover, encouraging ongoing selling.
- The Moving average convergence divergence remains bearish as the MACD and signal line moving below the neutral zone. However, the distance between these lines is shortening, hinting at a bullish crossover.
MATIC Bulls Need To reclaim $1.78 To Initiate A Recovery Rally
Source- MATIC/USD chart by Tradingview
The MATIC price currently trading at $1.66 registers a 23% gain from the new low of $1.32. If the bulls could keep up this momentum, the coin price will breach the nearest resistance of $1.78 and 200-day DMA, indicating a recovery opportunity for long traders.
Moreover, the falling Average Directional Index slope(18), suggests sellers are losing momentum.
The important resistance levels for the coin are $1.78, followed by $2, on the flip side, the support levels are at $1.45 and $1.1.
- Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
- This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
- Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy
- Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
- Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why
- Terra Ecosystem Announces Some Key Amendments to Its Revival Plan
- Breaking: Stablecoin Tether ($USDT) Reveals Reserves Fully Backed In New Report
- LUNA Crash: Blockchain Firm Losses $3.5 Billion As Terra (LUNA) Crumbles
- SWIFT Plans To Interlink All CBDCs, Here’s Why
- Breaking: Ripple (XRP) Throws In $100 Million To Cut Down Carbon Emission
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000