The Polygon(MATIC) price is up against a weekly resistance of $1.65, teasing a temporary pullback of 6-12% before the buyers could step in again. A successful bullish reversal from bottom support levels would positively switch traders’ sentiment.
Key points
- The 20-and-50-day EMA could assist buyers during a possible reversal
- The intraday trading volume in MATIC coin is $562.2 Million, indicating a 37% loss.
Source- Tradingview
A descending triangle pattern governed the current downtrend in the MATIC/USDT pair. However, the buyers prevented the sellers from extending loss below the $1.3 mark, which forms the neckline support of this price pattern.
The rising RSI slope indicated the bulls are strengthening their grip over each retest to the $1.3 bottom support. As a result, on March 16th, the altcoin gave a strong breakout from the dynamic resistance trendline, providing a recovery opportunity for MATIC holders.
The post retest rally surged the coin price 14.5%, hitting the combined resistance of $1.65 and 200-day EMA. On March 25th, the coin chart turned down from the overhead resistance with a 3.5% red candle.
The sustained selling could pull the MATIC price to minor support levels of $1.54 and $1.44. However, a possible reversal from this support or even $1.3 would suggest the traders are buying on dips.
Technical Indicators
The MATIC price retests the 200-day EMA along with $1.65 resistance. Therefore, a reversal from this resistance suggests the sellers continue to defend this level. On the other hand, the 50-day EMA tries to defend the buyers from facing excessive loss.
The Vortex indicator provides a bullish crossover among the VI+ and V- lines. The increasing spread within these lines suggests strong buying from traders.
- Resistance levels- $1.65 and $1.9
- Support levels- $1.54 and $1.44
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-matic-price-struggles-to-overcome-the-1-65-mark-is-it-safe-to-hold/