The MATIC price action remains trapped within a symmetrical triangle in the daily chart as the recent bull cycle fails to rise above the resistance trendline. Hence, the short-term seems bearish as the trend retraces to the support trendline. However, the mystery of the long-term trend is confined within the triangle pattern.
Key technical points:
- The MATIC sellers test the 20-day EMA.
- The intraday trading volume in MATIC is $1.10 Billion, indicating a 12.84% loss.
Polygon (MATIC) Resonates Within Triangle
Source- Tradingview
The recent reversal of 5.86% plunged the altcoin to the $1.75 mark. If sellers slip the price below this support, the altcoin would retest the bottom trendline, along with the threat of bearish breakdown.
On a contrary note, lower price rejection at this support indicates the buyers are trying to turn the price around. If they succeed, the buyers would drive the price higher to retest the overhead resistance.
However, the crypto traders can expect a genuine directional move once the price breach either of these trendlines.
The Moving average convergence divergence indicator shows the fast and slow line rising above the zero line mark despite the falling distribution of the bullish histograms.
Source- Tradingview
The bull cycle of the MATIC coin price fails to surpass the resistance trendline despite the 13% rise on February 15th. The sellers at the resistance trendline crush the bullish revolt resulting in a bearish reversal.
Therefore, the short-term downtrend brings selling opportunities as the bear cycle may shortly test the support trendline.
The Polygon token price sustains above the 200-day EMA but cracks below the 20-day average. However, the bullish alignment of the averages keeps the bullish hope alive.
The daily-Relative Strength index slope wavering around the midline signals indecisiveness among the market participants.
- Resistance levels- $1.77 and $2
- Support levels- $1.5 and $1.3
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/matic-price-analysis-polygon-matic-resonates-within-triangle-as-sellers-dominated-trendline-crush-the-bull-cycle/