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MATIC Price Analysis: Will MATIC Token Price Show Bullish Reversal Near The Support Trendline?

  • 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

Categories: News
Antonio K Smith: Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.