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Vikram
Sep 19, 2022
by Vikram

MATIC Technical Analysis: Polygon Plunges With A Downfall Below $0.75 

MATIC Technical Analysis
The MATIC technical analysis shows a trendline breakout rally crossing below the $0.75 demand zone, teasing a drop to $0.57.

The MATIC price action shows a downfall below the crucial demand zone at $0.75 over the weekend. With a 9% fall, the bearish breakdown of $0.75 continues to approach the $0.57 mark, as forecasted in our previous article. So, will the bearish breakout rally crash the Polygon market value to $0.57?

Key Points:

  • The Polygon prices show a demand zone breakout. 

  • The fallout rally crosses under the $0.75 mark.

  • The intraday trading volume in Polygon is $428 Million.

    • MATIC/USD Price Chart

    MATIC Technical Analysis

    The MATIC price failed to sustain the $0.75 support level due to the increased selling pressure over the weekend. The 9% drop in the Polygon market value results in a bearish engulfing candle in the technical chart.

    The bearish breakdown of the demand zone comes after the reversal from the 50 and 100-day EMA, increasing the bearish spread. Moreover, it gives a breakout selling opportunity with a downtrend potential of $0.57. 

    A daily candle closing below the monthly support of $0.75 will intensify the ongoing bearish momentum. This breakdown could tumble the MATIC market value by 13.5% and hit the $0.635 support.

    Conversely, if the sellers fail to sustain a price below the $0.75 mark, the altcoin will enter the range-bound rally and continue the sideways rally for a few more sessions.

    Technical Indicator

    The RSI slope nosedived below the August low (40%) indicates the market sentiment supports $0.75 support. The MACD indicator shows aggressive selling from traders as a fast and a slow breakdown below the mean line with a widespread between them.

    Therefore, the technical indicators encourage growth in the supply pressure and resumption of the prevailing downtrend in MATIC prices.

    Resistance levels- $0.75 and $0.90

    Support levels-  $0.57 and $0.50

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    MATIC Technical Analysis: Polygon Plunges With A Downfall Below $0.75 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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