The MATIC (Polygon) price is entering the water on the first day of the new trading week. The MATIC price has been in a continuous downward trend since December until some consolidation is found in January. Going forward, investors can expect Polygon to further expand earnings.
MATIC (Polygon) is trading slightly higher on Monday. MATIC was down 22% after penetrating the bearish bullish line. The momentum oscillator remains neutral and warns of aggressive bids.
In the recent development, polygon (MATIC) has been chosen to launch a Web3 social media protocol built by Aave, the Defi lending platform.
MATIC awaits the upward continuation
On the daily chart, Polygon (MATIC) is down 55% in value as it moves in the downward channel. Investors posted a 60% increase after reaching the lows in January. After a brief dip below the crucial 200-EMA (exponential moving average), the rebound in buying pressure pushed above the aforementioned moving average again. The above-average volumes supported the bullish sentiment.
However, strong conviction is required to continue the current price action. If buying pressure is able to produce a green candlestick on the daily chart, it would reinforce the possibility that bulls are testing the psychological USD 2.0 level.
Source: Trade View
This would also coincide with the upper trendline of the descending channel. Investors will aim for the horizontal resistance level of $2.40 from there.
On the other hand, a shift in bullish sentiment would seek the lower target. Because the price is already below the 200 EMA at $1.69. From here, the altcoin could bottom out below this footing and make its way to the next support level at $1.20.
Technical indicators:
RSI: The Relative Strength Index (RSI) has crossed below the average line while reading at 42.
MACD: The moving average convergence divergence (MACD) is still hovering below the centerline with a neutral stance.
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This post MATIC (Polygon) Price Today: Floats Near 200 SMA, Set Eyes At $2.0
was published first on https://coingape.com/markets/matic-polygon-price-today-hovers-near-200-sma-set-eyes-on-2-0/
