2023-5-5 09:16 |
Polygon (MATIC) slightly resumed bearish after cracking multiple support levels over the past few days. It currently lost 2.5% as selling pressure underways. The $0.9 level might be the next stopover.
After much pressure is applied at the $1 psychological support level for days, Matic’s bears finally won the battle this week, laid more siege and brought the price back to the low of March.
This drop led to a small crackdown at the ascending wedge but the price has recovered briefly and has retested the wedge’s lower boundary and the mentioned psychological support level (confluence area) as a resistance area.
That said, Matic rejected the resistance area and now looking poise for more decline. As the buyers remain in disbelief of the recent drops, the sellers are regrouping to bring the price lower.
Should the price keep rolling for the next few weeks, the asset may revisit the flipped $0.637 level that was left for a retest in July 2022. Although, from a technical perspective, the setups are not looking that bad at the moment. There’s still much room for a recovery above the current weekly low.
However, a down surge would give a lead on how things could get uglier in the coming week. So far, it has shed over 10% loss since the beginning of the second quarter. More losses will be registered if the price continues to dip.
Matic’s Key Levels To Watch Source: TradingviewWhile the $1 resistance level remains an obstacle for Matic to reclaim, an increase above it should rekindle the buyers’ hope to push higher to $1.06 and $1.17. The vital resistance level to watch next is $1.26.
Continuation of the existing trend could extend to key support levels of $87 and $0.82 before rolling over to the yearly low of $0.75.
Key Resistance Levels: $1.06, $1.17, $1.26
Key Support Levels: $0.95, $0.87, $0.82
Spot Price: $0.98 Trend: Bearish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: kviztln/123RF // Image Effects by Colorcinch
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