Skip to main content

Polygon (MATIC) Held By A String, Will Bears Cut The Rope?

  • MATIC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength. 
  • MATIC rally caught short as BTC price continued to range.
  • The price of MATIC must hold $0.72 support or face a drop-down to a weekly low. 

Polygon (MATIC) price showed some bullish strength recently, but the price has struggled to break above key daily resistance against tether (USDT). The price of Polygon (MATIC) has continued to range as bulls sweat over a potential break of the key support zone holding the price of MATIC from having a spiral down to a weekly low. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart 

The price of MATIC showed incredible strength rallying from a weekly low of $0.3 to a high of $1, with many investors and traders left astonished as to this movement in a bear market that has brought nothing but a tough moment for most crypto projects.

MATIC’s price has recently declined after bouncing from its weekly low of $0.3 as a price rally to a high of $1 before facing a stip rejection, and the price has struggled to re-establish its bullish trend.

MATIC’s price remains just a hair above a key support area above $0.72; this area of support is acting as a good demand zone for buy orders. For MATIC to have a chance to trend higher, the price must break through its weekly resistance of $1.

For the price of MATIC to restore its rally, the price needs to break and hold above the $1 resistance with good volume. If the price of MATIC keeps rejecting $0.75, we could see the price going lower to retest $0.6 support and possibly a lower support area of $0.45 on the weekly chart if there are sell-off.

Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.72-$0.6.

Price Analysis Of MATIC On The Four-Hourly (4H) Chart Four-Hourly MATIC Price Chart | Source: MATICUSDT On Tradingview.com

MATIC continues to trade below key resistance in the 4H timeframe as it attempts to break out of its range movement.

After forming an ascending triangle as the price attempts to break out of its downtrend range, the price of MATIC has shown strength as it faced rejection.

The price of MATIC is $0.75 lower than the 50 and 200 Exponential Moving Averages (EMA). On the 4H timeframe, the prices of $0.75 and $0.8 correspond to the prices at the 50 and 200 EMA for SOL.

If the price of MATIC breaks and closes above $8, it could rally to a high of $1.

Daily resistance for the MATIC price – $0.8-$1.

Daily support for the MATIC price – $0.72-$0.7.

Featured Image From The Daily Hodl, Charts From Tradingview

from NewsBTC https://ift.tt/PNGVOIo
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

How to play and earn in CryptoKitties

CryptoKitties is a blockchain-based game where players can buy, sell and breed digital cats with unique attributes. Reminiscent of Tamagotchi and Pokémon, the wildly popular digital pets and creatures of the 1990s, CryptoKitties is a blockchain-based game where players can collect, trade and breed digital virtual cats. CryptoKitties was the first Ethereum-based game, and its popularity underscored many of the network’s scaling issues. This digital cat-breeding blockchain game caused quite a bit of congestion on the Ethereum blockchain, peaking in 2020. However, the game’s creators were able to address these issues. What is CryptoKitties? Launched in 2017, CryptoKitties was built by Dapper Labs, the company that uses blockchain technology to bring nonfungible tokens (NFTs) and new forms of digital engagement to fans around the world. CryptoKitties is also considered one of the world’s first-ever blockchain games. In the game, each one of the digital collectible cats possesses a
Post a Comment
Read more

Bitcoin dominance falls under 40%

While Bitcoin critics claim this means that BTC is losing its first-mover competitive advantage, others are anticipating the “altcoin season” is just around the corner, or might even be already underway. Bitcoin’s market dominance has continued to fall, bottoming out below 40% this week. That’s very close to the all-time low of 36.7% in Jan 2018 according to data from Tradingview. Bitcoin ( BTC ) market dominance refers to the ratio between BTC’s market cap and the total crypto market cap. It's not the first time dominance has dipped in 2021. Back in May, Cointelegraph reported that BTC had dipped to represent just 40.3% of the combined crypto asset capitalization, according to Coinmarketcap, and it neared the same level again in September.  Bitcoin critic and Europac chairman Peter Schiff tweeted about the event on Dec 29th, saying that it’s indicative that BTC is “losing its first-mover competitive advantage.” With over 16,000 alternative cryptos to choose from Bitcoin
Post a Comment
Read more

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl
Post a Comment
Read more