MATIC prices slowly pivots below $1.7 as bears take control

TL;DR Breakdown

• Polygon price analysis is bearish
• MATIC prices have sought support at $1.66
• Resistance for MATIC/USD prices present at $1.7

The Polygon price analysis is bearish whereby MATIC prices opened the daily chart trading at around $1.7 but have since slowly pivoted to below $1.68 as the bears take control of the market momentum. The key resistance level for MATIC/USD prices is present at $1.7, where buyers are likely to defend this zone in order to push prices higher. However, should the bears manage to break past this point, then further losses could be seen towards the $1.63 support level.

Polygon prices have traded in a range of the lowest at $1.66 while the highest price recorded was $1.7 while the trading volume has decreased by 20.80 which currently totals $588,119,117.73.MATIC prices are however expected to take any direction as the market continues to be volatile.

MATIC/USD prices on a 1-day price chart: A support level of $1.63 is in sight if the bears maintain control

Polygon price analysis on the 1-day price chart indicates that MATIC prices have been hovering around the $1.68 price point for most of the day, however, the bears have taken control in the later hours and have pushed prices below the support level of $1.66.The key support level for MATIC/USD prices is located at $1.63, which is also where the 50-day MA is currently located. If the bears manage to maintain control of the market, then a break below this support level could see prices dropping further to the $1.6 price point. However, if the bulls manage to take back control, then prices could potentially retest the $1.7 resistance level.

However, a bullish reversal could happen should the buyers manage to push prices back above $1.68 and eventually retake control of the market momentum. The moving average (MA) indicators are also in favor of the bears as the 50-day MA is sloping downward below the 200-day MA, indicating that the downtrend is likely to continue. The RSI indicator is currently at 30 and points to further selling pressure in the market as we expect the bears to keep the pressure on in order to push prices lower. Nonetheless, the MACD line is still in positive territory and could indicate a potential bullish reversal should the bulls manage to take control of the market.

Polygon price analysis on a 4-hours price chart: A support level of $1.68 is in sight if the bulls can take back control

The 4-hours price chart for MATIC/USD shows that prices have been trading in a range between the $1.7 resistance level and the $1.66 support level. The market has been consolidating for the past few days, and a breakout could happen on either side. The key support level for MATIC/USD prices is located at $1.68, which is also where the 50-hour MA is currently located. Bulls need to put more pressure to breach the $1.7 resistance level in order to take back control of the market and push prices higher. However, should the bears maintain control, then a break below the $1.68 support level could see prices dropping down to the $1.6 price point.

The RSI indicator is currently at 40 and could head lower if the bears continue to push prices lower. The MACD line is in positive territory and could indicate a potential bullish reversal should the bulls manage to take control of the market. Polygon market remains bearish at the moment of writing as the prices are down by 0.54 percent. The Bollinger bands are expanding which suggests that the market is becoming more volatile.

Polygon price analysis conclusion

Today’s Polygon price analysis is bearish as seen the market sentiment is leaning towards the bears. The MATIC/USD pair has been trading in a tight range for the past few days, with prices oscillating between $1.68 and $1.7.To conclude, it is worth watching the $1.7 resistance level for MATIC prices as this will give a strong indication of where prices are likely to head next. If buyers can hold this level and push prices higher, then a bullish reversal may be on the cards. Conversely, if the bears manage to break through and push prices lower, then a continuation of the downtrend could be on the cards.

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