The price of Polygon (MATIC) is unable to profit from the previous day’s gains. The price shoots up 10% in one day after weeks of consolidation on Monday. Investors are collecting around $1.45 from a strong support level.

At the time of writing, MATIC/USD is trading at $1.91 with over 5% losses. The total 24-hour trading volume stands at $2,599,056,185 and is gaining over 170%.

Polygon (MATIC) Price Under Pressure Nearing 50 DMA

On the daily chart, Polygon (MATIC) price has pushed the support near the previous supply zone to $1.45. Previously, the polygon lost from the December 27 highs of $2.95.

Source: Trade View

MATIC price rose from the January 24 lows of $1.30. The declining trendline from the said high level acts as a strong barrier for the bulls, limiting gains for the Polygon.

Volumes have been declining since the price decline, as indicated by the On Balance Volume (OBV) indicator.

The Daily Relative Strength Index (RSI) reads at 52 and shows a sudden drop in the indicator. Bearish momentum in the price drove the momentum indicator towards the lower level.

If the price falls below the session low, the immediate downward target is placed at $1.50.

Alternatively, a decisive close above the bearish line, which also coincides with the break of the 50-DMA, could result in a reversal of the current trend. Investors were able to test the horizontal resistance level at $2.50.

According to the latest news, Polygon has raised $450 million in a funding round led by Sequoia Capital India. The news gives fundamental thrust to the MATIC price.


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