Polygon (MATIC) Faces Key Support; Will Price Bounce To $2?

Polygon (MATIC)
Polygon (MATIC) Faces Key Support; Will Price Bounce To $2?
  • MATIC struggles as price eyes a retest of $1.15
  • MATIC needs to hold above $1.1 to avoid a bearish price structure

The crypto market has not been kind to altcoins, including major players like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Polygon (MATIC), as they have all been rejected from a key resistance area, causing the price to remain in a downtrend.

Other Reading: Polygon Flips Dogecoin After Reaching $12 Billion in Market Capitalization

The price of bitcoin has recently struggled to surpass $25,000 as it dropped to around $22,700 before rising to a high of $23,500. However, this price action could have been more convincing as the weekly candle suggests the price may retest the range of $21,500 to $18,000, where there are more buy orders.

BTC’s price appears more likely to retest lower regions now as the market looks heavy for a retracement to a region of more buy orders and interest. We could see BTC retest a region of $22,500 before a relief bounce which the price of Polygon (MATIC) could retest $1.17 to $1.1 where there would be more buy orders.

Polygon (MATIC) Daily Price Analysis

MATICUSDT Price Analysis | Source: Tradingview.com

Price of MATIC after holding its strong support of $1, the price rallied with the crypto market to a high of $1.5 before facing resistance to trade higher as the price looked strong to rally to $2.

The price struggling in recent times to trade above $1.2 despite looking relatively weak, as there are fewer buy orders for MATIC to push the price higher.

We can see the price of MATIC dropping to a region of $1.15 to $1.1, which is a good region to place buy orders. 

The price of Polygon (MATIC) continues to hold above the daily 50 and 200 Exponential Moving Averages, acting as support for the price of MATIC. The price of $1.18 and $1.1 act as support zones for the price of MATIC, respectively. 

The relative strength Index for MATIC is below the 50 mark area, indicating more sell orders than buy orders for the price of MATIC as traders and investors have bid at the region of $1.18 – $1.1, where orders could send the price high to a region of $1.3.

If the price of MATIC resumes its bullish structure above the region of $1.35, we could see the price push to a high of $2 for MATIC.

The key level of resistance – $1.35

The key level of support – $1.18-$1.1

Image from Guarda wallet, chart from Tradingview.com
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