Polygon (MATIC) price appears exhausted after rallying 60% from January lows. The price bounced back after testing the lows on January 24th since then, MATIC is in the continuous upward momentum and is now hitting the upper trendline of the downward channel.
Polygon price is trading lower in the down channel on Thursday. The price is facing near term resistance of $2.10, expect more downside below this level. A decisive close above the stated level could reverse the current trend.
As of printing, MATIC/USD is trading at $1.98, down 3.38% for the day. Polygon’s current market cap stands at $14,875,151,119 according to the CoinMarketCap.
MATIC price took a breather at current level
On the daily chart, Polygon (MATIC) price consolidated near the $1.50 demand zone, which has been used by investors to participate in the current surge. MATIC is down nearly 55% in value from its November highs at $2.92.
Source: Trade View
MATIC was trading in the downtrend channel with the lower high and lower low formation. Taurus has been rejected three times near the upper trendline of the said channel. Investors lose their temper every time they approach the higher levels and withdraw their money to make a profit.
The price struggled below the 50-day SMA (Simple Moving Average) at $2.07.
Looking at the previous price action, there is a higher probability that MATIC would reverse from its current level and retreat to the significant level of $1.50.
A breach of this position would invite more sellers towards the $1.20 level. This would be the continuation of the lower high and lower low formation, a classic downward pattern.
On the downside, the Bulls have been making continued efforts to break above the bearish slanted line. An acceptance above the 50-day SMA would bring buyers back into the limelight with the initial upward target of $2.20.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is at 50 with a bearish bias.
MACD: The moving average convergence divergence (MACD) is still trading below the centerline.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
This post MATIC Price Today: Bulls Rejects Nearly $2.0, Facing 21% Downside Risk
was published first on https://coingape.com/markets/polygon-price-today-bulls-rejects-near-2-0-face-downside-risk-of-21/
