Connect with us

Plato Vertical Search

Blockchain

Polygon Price Analysis: MATIC Coin Hints Bullish Reversal From The $2 Mark

The Polygon price action shows lower price rejection near the support trendline of the diverging channel. The price rests close to the confluence of the support trendline and the $2.14 horizontal level. Will the price manage to push higher from the high demand level, or will it succumb under rising selling pressure? Key technical points: 

The post Polygon Price Analysis: MATIC Coin Hints Bullish Reversal From The $2 Mark appeared first on CoinGape.

MATIC coin

The Polygon price action shows lower price rejection near the support trendline of the diverging channel. The price rests close to the confluence of the support trendline and the $2.14 horizontal level. Will the price manage to push higher from the high demand level, or will it succumb under rising selling pressure?

Key technical points: 

  • The MATIC token price breaks below the 50 days EMA and attempts to sustain above the 100 days EMA.
  • The intraday trading volume in the MATIC token is $2. Billion, indicating a 21.8 fall.

TradingView Chart

Source-Tradingview

In our previous coverage of Polygon technical analysis on December 22nd, the token price was trying to break above the $2.5 zone. The coin price did give a bullish breakout, but the sudden increase in selling pressure led to a downfall to $2.

The coin price struggles to sustain above the high-demand area near the confluence of support trendline and a horizontal level at $2.14. However, the increased selling pressure tease a bearish fallout.

The crucial EMAs in the daily chart maintains a bullish alignment. However, the coin price breaks below the 50 days EMA and sustains above the 100 days EMA by lowering price rejection.

The Stochastic RSI in the daily chart showcases the K and D line in the oversold zone. However, the lines will soon give a bullish crossover that can overturn the bearish trend.

The ADX indicator shows a slight fall in the slope, indicating a loss in the previous bullish trend.

MATIC Coin Displays Rejection Candles Near $2 Support

TradingView Chart

Source-Tradingview

The MATIC token price shows a short-term retracement within a falling channel in the daily chart. However, the psychological support level at $2 shows a high possibility of a bullish reversal with a double bottom pattern.

On a contrary note, the increased selling pressure will induce more fear among investors that can neutralize the demand at $2. Therefore, traders need to keep an eye out for a breakout entry opportunity.

The price action indicates resistance levels at $2.44 after the $2.70 horizontal level in the daily chart. Meanwhile, the previous bullish reversals mark support levels at $1.80 and $1.46. 

The post Polygon Price Analysis: MATIC Coin Hints Bullish Reversal From The $2 Mark appeared first on CoinGape.

Web3 Reimagined. Data Intelligence Amplified. Click here to access.

Source: https://coingape.com/polygon-price-analysis-matic-coin-hints-fallout-from-diverging-channel/

Latest Blockchain Streams

Blockchain

IMF directors said they see ‘risks’ in using bitcoin as currency and issuing bitcoin-backed loans.

Blockchain

The International Monetary Fund (IMF) has been very critical of cryptocurrencies and according to a report on Tuesday, the IMF’s board has “urged” El...

Blockchain

Kazakhstan officially shuts down energy for Bitcoin miners till February. The oil-rich nation is struggling to keep up with energy demands as BTC hash...

Blockchain

Key Takeaways Bitcoin has not yet reached a cyclic bottom according to Ki Young Ju, CEO of CryptoQuant. He draws his judgment from Bitcoin’s...