The MATIC coin price action respects the levels of a rising parallel channel pattern. After rejecting from the overhead resistance of the pattern, the coin should travel to the bottom support trendline projecting a 25% fall ahead. However, the Polygon team shared a positive announcement regarding the acquisition of a start-up company Predictable Labs, in a staggering $500 million deal.
Key technical points:
- The MATIC price obtains strong support from the 100-day EMA
- The daily RSi chart shows a clear bearish divergence concerning the coins price action
- The intraday trading volume in the MATIC coin is $3.37 Billion, indicating a 6.7% loss
Source- MATIC/USD chart by Tradingview
The last time when we covered the MATIC/USD, the coin price fairly survived the blood bath of December 4th and, in return, indicated the presence of intense demand pressure with a long lower price rejection candle. Thus, this resulted in price retesting the overhead resistance of the ascending trendline.
Trending Stories
Furthermore, the price faced strong rejection from this level, displayed by a long bearish engulfing candle. A rejection from the top resistance of this pattern should lead the price to the bottom trendline, which is 25% below.
The MATIC coin price maintains bullish sentiment due to the bullish alignment of the crucial EMA levels(20, 50, 100, and 200). Moreover, the 100 EMA line provides strong support for the coin price.
The Relative Strength Index(57) shows a bearish divergence in its chart, indicating weakness among the market sellers.
MATIC/USD 4-hour Time Frame Chart
Source- MATIC/USD chart by Tradingview
After rejecting from the above resistance, the MATIC coin price breached the first support level of the $2.2 mark. The coin price is currently trying to retest this new resistance, which will better confirm whether the breakdown and reversal are genuine.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
