Decreasing Volume Hints Polygon Price Correction Is Temporary 

polygon matic price

Published 7 hours ago

The fast-falling Polygon coin price may soon retest the local support of $0.76. With rising volume on the selling side, the coin price could give a high momentum breakdown from this support. Will this potential downfall tumble MATIC price to a lower level, or will we see a bullish reversal soon?

 Key Points:

  • The $0.76 and $0.7 support could offer suitable support to coin buyers
  • The 20-and-200 EMAs offer a bearish crossover
  • The intraday trading volume in the MATIC is $550.7 Billion, indicating a 72% gain.

  Polygon PriceSource- –Tradingview

Amid the recent bloodbath in the crypto market, the polygon coin witnessed a V-top reversal from the $1.3 resistance. Furthermore, this downfall registered a 41.3% loss and plunged to local support of $0.76.

The coin price currently trades at the $0.783 mark, but the last three days’ rising volume indicates this downfall could extend further. Thus, with sustained selling, the Polygon coin price could soon breach the $0.76 support and bolster further downfall.

This development would tumble the MATIC price 11.5% to retest the combined support of $0.7 and 0.618 Fibonacci retracement level. Thus, this support seems strong enough to resume the prevailing uptrend.

On a contrary note, the overall volume action has reduced during the correction phase indicating this downfall is temporary. Thus, coin holders should watch for any reversal signs at $0.76 or $0.7.

Technical Indicators

MACD indicator: with a significant bearish spread, the MACD and signal lines dropped below the neutral, indicating the market sellers regained trend control.

EMAs: the long-flattish EMAs(100 and 200) accentuate a sideways market trend. Whereas the short days EMAs(20 and 50) falling downward indicates rising selling pressure.

Polygon Coin Price Intraday Levels

  • Spot rate: $0.78
  • Trend: Bearish
  • Volatility: Low
  • Resistance levels- $7.6 and $7.6
  • Support levels- $7 and $0.95

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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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