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.

Technical indicators:

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.


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 publication is not responsible for your personal financial loss.

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This post Polygon (MATIC) Price Today: Faced With 30% Downside Risk, Is The Right Time To Turn A Profit?

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