As a crypto investor with some experience under my belt, I’ve seen my fair share of market ups and downs. And right now, the MATIC price is giving me a cause for concern. With a decline of over 15%, Polygon has tested the $0.5150 support level. Although it’s slowly recovering, the bears might still be active near $0.5650 and $0.5720.
As a researcher studying the cryptocurrency market, I’ve noticed that MATIC has experienced a significant decrease in price, amounting to over 15%. This decline has brought it to test the support level at $0.5150. Currently, Polygon is attempting to recover, but there’s a possibility that bears may reemerge near the resistance levels of $0.5650 and $0.5720.
- MATIC price started a fresh decline from the $0.6285 resistance zone against the US dollar.
The price is trading below $0.570 and the 100-hour simple moving average.
There is a key bearish trend line forming with resistance at $0.5720 on the hourly chart of the MATIC/USD pair (data source from Kraken).
The pair could recover and test the $0.5720 resistance zone in the near term.
Polygon Price Takes Hit
As a crypto investor, I’ve observed an uptrend in Polygon’s price that hit a significant resistance level around $0.6285. Consequently, the MATIC token formed a local peak at $0.6286 and has since begun to slide downward, much like Bitcoin and Ethereum have in recent times.
Below the $0.60 and $0.57 support, the price experienced a significant drop, dipping as low as $0.515 and touching $0.5151 at its lowest point. Following this decline, an attempt to regain ground is underway with the price having surpassed the $0.535 resistance level.
As a researcher studying the cryptocurrency market, I’ve observed that MATIC‘s price has surpassed the 23.6% Fibonacci retracement level in its downward trend from $0.6286 to $0.5151. However, currently, it is trading below the $0.560 mark and falls short of the 100-simple moving average on the 4-hour chart.
I’ve analyzed the price action of MATIC/USD and identified two significant levels of resistance. The initial resistance lies around $0.5550. Following this, the first major resistance is situated at either the $0.5720 level or the 50% Fibonacci retracement mark of the downward price swing from $0.6286 to $0.5151. Additionally, a bearish trend line emerges on the hourly chart, offering resistance at $0.5720 for the MATIC/USD pair.
Should the price break upward past the $0.5720 resistance point, it may continue climbing. The next significant barrier lies around $0.5850. If this hurdle is surmounted with ease, a steady upward trend could ensue. Under such circumstances, the price might even aim for the $0.6285 or $0.650 levels.
Another Decline in MATIC?
If the price of MATIC doesn’t manage to surpass the $0.5720 resistance point, there’s a risk of another price drop. The nearest floor in case of a decline lies around the $0.5320 mark.
As an analyst, I would interpret the current market situation as follows: I find the primary support for the price around the $0.5150 mark. A potential breakdown beneath this level could lead to a further slide downwards towards the $0.50 threshold. My next significant level of support lies at approximately $0.4850.
Technical Indicators
Hourly MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 30 level.
Major Support Levels – $0.5320 and $0.5150.
Major Resistance Levels – $0.5600, $0.5720, and $0.5850.
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2024-06-18 08:12