MATIC Price Analysis: Polygon (MATIC) Hits 2 Month Low As Bears Refuse To Back Down
MATIC Price Overview
Matic price experienced mind blowing gains throughout April & May as it nearly outperformed every other coin in its class. Unfortunately for holders, Polygon (MATIC) is now down nearly -70% from its ATH. The rest of the cryptocurrency market also has been failing to gain its footing as BTC seems stuck under $35,000. Once the large cap coins experience a strong breakout, a new trend will be set for the mid caps such as MATIC.
As shown in red, MATIC price has been respecting a descending channel for the past month. At the time of writing, price has touched the bottom trend of this channel which has provided a bounce 3 other times. We can expect a similar bounce to be seen but if it fails to occur, MATIC may be in for much further downfall.
Along with this trend line lies a major support zone of $0.818-$0.862 that price must hold above to keep it from falling further. A break below this support will likely land MATIC price to low $0.70s.
Matic Price Analysis: MATIC/USDT 4 Hour Chart
Price has been rejected multiple times at a mid term trend line which is shown in black. Throughout the last month, this trend line has held price down from starting a bullish trend. Along with this line, the 100MA has been a barrier for price since mid June. MATIC price must clear over its minor resistance of $0.948 to have a shot of break these two marks. If deemed successful, the chances of a bullish trend beginning become much higher.
While looking at the RSI, we can see strength has recently visited the oversold territory below the 0 value. Since then, price has made a lower low but strength has made a higher low. This has created a clear bullish divergence which might send MATIC back to its minor resistance very soon. The MACD has been consolidating below the 0 value as the histogram is hours away from ticking green which will likely start some type of upward revival.
MATIC price intraday levels