$MATIC Price Faces Risk of Losing $0.5 Support; Sell or Hold?

MATIC Price Analysis: The early week relief rally in MATIC price face replenished bearish momentum at $0.687 resistance. Immediately, the coin price continued its downward approach and showcased three consecutive red candles in the daily time frame chart. With sustained selling, the prices will retest the $0.51-$0.5 support and check whether the polygon coin is ready for a new recovery cycle or not.

Also Read: Polygon 2.0 Released As the Value Layer of the Internet, MATIC Price Up 2.5%

MATIC Price Daily Chart

• The long-coming resistance trendline governs the correction phase in MATIC
• A coin price may face high demand pressure at the $0.5 mark
• The intraday trading volume in the MATIC is $562.5 Million, indicating a 28.5% gain.

Source-Tradingview

On June 10th, the MATIC price showcased a long-tail rejection candle at $0.51-$0.5 support, projecting a rise in demand pressure for the discounted coin. After a minor bounce back, the price is likely to retest this support and confirm the active accumulation from buyers.

In the coming days, if the price shows similar signs of rejection at $0.5, the buyers could trigger a new bullish reversal. However, the new relief rally would probably be limited to the overhead resistance trendline(Red) leading to a downtrend for the past four months.

Conversely, a breakdown below the $0.5 support could push the prices back to $0.321 support.

Will MATIC Price Poke $1 Mark?

With the ongoing bearish pressure in the market and the accumulation of sentiment at a discounted price, the MATIC price may witness high volatility in the coming days. Amid this anticipated consolidation, the traders must remain cautious for two technical levels which are $0.5 and the downsloping trendline. For MATIC to revisit $1 it needs a breakout above the overhead trendline

• Exponential Moving Average: The 50-day EMA slope acts as an extra resistance against buyers.
• Relative strength index: The daily RSI slope at oversold region instability and higher possibility of bullish reversal.