MATIC worth began a serious decline from the $1.00 resistance zone. Polygon bears are in management and would possibly goal extra losses in the direction of $0.70 in the close to time period.
- MATIC worth began a serious decline from properly above $0.95 towards the US greenback.
- The worth is buying and selling beneath $0.85 and the 100 easy transferring common (4-hours).
- There is a serious bearish development line forming with resistance at $0.821 on the 4-hours chart of the MATIC/USD pair (knowledge supply from Kraken).
- The pair may proceed to decline in the direction of the $0.70 help zone in the close to time period.
Polygon’s MATIC Price Dives
Earlier this month, polygon’s worth made an try to acquire tempo above the $1.0 resistance zone. However, MATIC struggled to acquire bullish momentum for a transfer above $1.0.
A excessive was shaped close to $0.972 earlier than the worth began a recent decline. There was a gentle decline, comparable to bitcoin and ethereum. The bears have been in a position to push the worth beneath the $0.90 help zone and the 100 easy transferring common (4-hours).
Finally, the worth broke a serious help at $0.840 and traded as little as $0.7748. It is now consolidating losses close to the $0.800 degree. On the upside, a direct resistance is close to the $0.8210 zone.
There is additionally a serious bearish development line forming with resistance at $0.821 on the 4-hours chart of the MATIC/USD pair. The development line is close to the 23.6% Fib retracement degree of the latest decline from the $0.972 swing excessive to $0.7748 low.
The first main resistance is forming close to the $0.875 zone. It is close to the 50% Fib retracement degree of the latest decline from the $0.972 swing excessive to $0.7748 low.
Source: MATICUSD on TradingView.com
The primary resistance is now forming close to the $1.00 degree. If there is an upside break above the $0.90 and $1.00 resistance ranges, the worth may begin one other robust enhance. In the acknowledged case, the worth may rise steadily in the direction of the $1.20 degree.
More Losses?
If MATIC worth rise above the $0.82 and $0.87 resistance ranges, it may proceed to transfer down. An quick help on the draw back is close to the $0.780 degree.
The primary help is close to the $0.750 degree. A draw back break beneath the $0.750 degree may open the doorways for a recent decline in the direction of $0.70. The subsequent main help is close to the $0.665 degree.
Technical Indicators
4-hours MACD – The MACD for MATIC/USD is slowly dropping momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now beneath the 50 degree.
Major Support Levels – $0.78 and $0.70.
Major Resistance Levels – $0.821, $0.875 and $1.00.
