- MATIC token price action shows an uptrend in action in the daily chart.
- The MATIC/BTC pair trades at 0.00002899 BTC with a fall of 5.02%.
- The 24 -hours volume of the token is $801 Million, indicating a 30% fall.
The MATIC token price action showcases a retracement in the ongoing uptrend in the daily chart. However, the increasing momentum in the falling prices indicates a possibility of a fallout below the support trendline.
The token price shows a weakness in the bullish trend as the price retraces to the 100-day EMA below the 20 and 50-day EMA. However, the EMAs maintain a bullish alignment and the 200-day EMA is below the support trendline. Hence, the confluence of the 200-day EMA and the support trendline can hold the downfall.
Moreover, the token price shows a rising bearish momentum; however, the pivot point indicates support levels at the $1.45 and $1.30 mark if the price shows a bull run. Moreover, on the flip side, the support level is at $1.75 the $2 mark.
At the time of writing this analysis, it is around $1.58. However, the 24 -hours volume of the token is $801 Million, indicating a 30% fall.
Will The MATIC Token Price Regain Bullish Momentum?
As we have already mentioned, the MATIC Token gaining trend momentum and the rise in bearish candles indicates a strong possibility of a downfall. However, traders can wait till the price breaks below the support trendline to ride a directional move.
The RSI indicator indicates a rise for underlying bearishness as the slope sustains below the 50% mark.
Moreover, The MACD and signal lines of the Moving average convergence divergence indicator are moving below the neutral area (0.00), indicating bearish momentum for the Polygon token.
Conclusion: From a technical perspective, the MATIC token indicates a rising bearish trend, however, to catch a better directional move, the crypto traders have to wait till the price breaks out below the support trendline.
Support – $1.45 and $1.30
Resistance – $1.75 and $2