MATIC Price Analysis: Polygon (MATIC) Approaching Danger Zone, Will Price Drop Below $1?

Matic NetworkMatic Network
  • MATIC price has fallen nearly -15% the last day
  • Major resistance of $1.16 caused yet another rejection
  • MATIC Price Is near support of descending channel

MATIC Price Overview

Polygon (MATIC) Holders is super flat ever since the drop to $0.93 cents in late June. Price action was neutral the last week but has quickly turned bearish. Throughout the last few months, the cryptocurrency market has failed to gain its footing into a bullish trend. This has been strongly seen with the MATIC price action as it did experience one of the sharpest rises the last 5 months. 

MATIC Price action was consolidating within a symmetrical triangle since the 22nd of June and bears have pushed to downside resulting in a bearish break. Accounting the price drop from today, we can see a newly seen pattern has formed. This pattern is the descending channel which is shown in light red. MATIC price has rejected multiple times off the top trend & it has respected the bottom trend a couple times. At the time of writing,

MATIC is attempting to hold major support zone of $1.00-$1.03. In the scenario this support fails to hold, MATIC price will likely drop to the bottom trend of its descending channel nearing its minor support of $0.94.

MATIC Price Analysis: MATIC/USDT 4 Hour Chart

Polygon (MATIC) holders must quickly regain the now resistance of $1.037 to be out of hot water. If bulls manage to provide this bounce, the 100 MA will likely cause resistance as it has been a barrier for nearly a month. Major resistance of $1.11 will be the true test for the bulls as regaining this resistance will likely open the floodgates for a bullish trend. 

Trending Topic: Polygon (MATIC) Shows Strong Signs of Reversal With These On-Chain Metrics

While looking at the Stochastic RSI, we can see strength is flat lined in oversold territory. This is known as the danger zone as price mostly drops the hardest while being below the 20 value.

Strength must bounce hard to lessen the chance of a drop below the $1.00 mark. The RSI is on the brink of dropping below the oversold line which will likely cause a cascade of selling to occur.

MATIC price intraday levels 

  • Spot rate: $1.01
  • Trend: Bearish
  • Volatility: High
  • Support: $1.00
  • Resistance: $1.03

The post MATIC Price Analysis: Polygon (MATIC) Approaching Danger Zone, Will Price Drop Below $1? appeared first on Coingape.

Publication date: 
07/09/2021 - 07:41
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