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Home»Analysis»Polygon deployed short-term selling on rallies
Analysis

Polygon deployed short-term selling on rallies

2023-11-22No Comments3 Mins Read
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The MATIC price has fallen more than 10% after the SEC lawsuit against Kraken named MATIC as a security. Polygon is under pressure and may struggle to recover.

  • MATIC price started a fresh decline after the $0.98 resistance against the US dollar.
  • The price is trading below $0.80 and the 100 simple moving average (4 hours).
  • A major bearish trendline is forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair (Kraken data source).
  • The pair could continue to decline if it remains below the $0.800 resistance zone.

Polygon price is affected

After quite a rise, Polygon’s price struggled to break the USD 1.00 resistance. MATIC reached a high near $0.9829 and recently began a steady decline, underperforming Bitcoin and Ethereum.

There was a decline below the USD 0.920 and USD 0.850 support levels. The bears even pushed the price below the $0.820 support and the 100 simple moving average (4-hours). Finally, it tested the support at $0.728. A low has formed near USD 0728 and the price is now consolidating losses.

MATIC is trading below $0.80 and the 100 simple moving average (4 hours). There is also a major bearish trendline forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair.

The immediate resistance is near the $0.785 level or the trendline. It is close to the 23.6% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. The first major resistance is around the $0.800 level. If there is an upside break above the USD 0.800 resistance level, the price could continue rising.

See also  Bloomberg Analyst Says Ethereum, Polygon and Solana Offer Opportunities for Emerging Markets – Here's How

MATIC price forecast

Source: MATICUSD on TradingView.com

The next major resistance is near $0.855 or the 50% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. A clear move above the USD 0.855 resistance could trigger a steady rise. In the said case, the price might even try to make a move towards the $0.920 level or $0.950.

Lose more in MATIC?

If MATIC price fails to rise above the USD 0.800 resistance level, it could continue to decline. The immediate downside support is near the $0.7285 level.

The main support is around the $0.700 level. A downside break below the USD 0.700 level could open the doors for another decline towards USD 0.650. The next major support is near the USD 0.618 level.

Technical indicators

4-hour MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level.

Major support levels – USD 0.728 and USD 0.700.

Major resistance levels – $0.785, $0.800 and $0.855.

Source link

deployed Polygon Rallies Selling shortterm
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