The price of Polygon (MATIC) is up more than 80% after its consolidation in January. The token has crossed the 200-day Simple Moving Average (SMA) at $1.62, but the rally has been short-lived. Because the price fell by 19% in just two days.
Polygon (MATIC) is consolidating after two days of massive loss. MATIC price rejection near 50-day SMA at $2.13. After making swing top, investors expect price retracement towards $1.40.
At the time of writing, MATIC/USD is trading at $1.70, down 0.79% for the day. According to the CoinMarketCap, the 24-hour trading volume is $1,596,249,328 with a live market cap of $12,727,985,545.
MATIC At a crucial point
Source: Trade View
On the daily chart, Polygon (MATIC) price has formed a downward pattern from $2.92 in October, showing a classic lower high lower low formation. The MATIC price has been slashed by the 50-day Simple Moving Average (SMA) of $2.27 on Jan. 17, the price is falling like a deck of cards.
However, buying pressure developed near the lower trendline near the historic demand zone of $1.35. In addition, the price has crossed the 200-day Simple Moving Average (SMA).
MATIC price may encounter its first downward target near the $1.40 horizontal resistance line. Additionally, if the price breaks below the said support level, the price could test the $1.20 lower trendline of the downward channel.
On the other hand, if the price is able to hold the session low, it could return to the psychological level of $2.0 followed by the horizontal resistance line of $2.20.
RSI: The Relative Strength Index (RSI) which has cut below the moving average line indicates that bulls are tiring near the higher levels.
MACD: The Moving Average Divergence Convergence (MACD) maintains a bearish bias below the midline.
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This post Polygon (MATIC) Price Today: Faced With 30% Downside Risk, Is The Right Time To Turn A Profit?
was published first on https://coingape.com/markets/polygon-matic-price-today-face-downside-risk-of-45-right-time-to-book-profit/