MATIC Price Prediction: Can Polygon Recover From The Recent Crash?
2024年6月18日 - 1:58PM
NEWSBTC
MATIC price is down over 15% and tested the $0.5150 support.
Polygon is slowly recovering, but the bears might be active near
$0.5650 and $0.5720. MATIC price started a fresh decline from the
$0.6285 resistance zone against the US dollar. The price is trading
below $0.570 and the 100-hour simple moving average. There is a key
bearish trend line forming with resistance at $0.5720 on the hourly
chart of the MATIC/USD pair (data source from Kraken). The pair
could recover and test the $0.5720 resistance zone in the near
term. Polygon Price Takes Hit After a decent increase, Polygon’s
price faced heavy resistance near the $0.6285 zone. MATIC formed a
short-term top at $0.6286 and recently started a fresh decline like
Bitcoin and Ethereum. There was a sharp move below the $0.600 and
$0.5720 support levels. The price even dipped below $0.5250 and
tested $0.5150. A low was formed at $0.5151 and the price is now
attempting to recover. There was a move above the $0.5350
resistance level. The price climbed above the 23.6% Fib retracement
level of the downward move from the $0.6286 swing high to the
$0.5151 low. MATIC is trading below $0.560 and the 100 simple
moving average (4 hours). Immediate resistance is near the $0.5550
zone. The first major resistance is near the $0.5720 level or the
50% Fib retracement level of the downward move from the $0.6286
swing high to the $0.5151 low. There is also a key bearish trend
line forming with resistance at $0.5720 on the hourly chart of the
MATIC/USD pair. If there is an upside break above the $0.5720
resistance level, the price could continue to rise. The next major
resistance is near $0.5850. A clear move above the $0.5850
resistance could start a steady increase. In the stated case, the
price could even attempt a move toward the $0.6285 level or $0.650.
Another Decline in MATIC? If MATIC’s price fails to rise above the
$0.5720 resistance level, it could start another decline. Immediate
support on the downside is near the $0.5320 level. The main support
is near the $0.5150 level. A downside break below the $0.5150 level
could open the doors for a fresh decline toward $0.50. The next
major support is near the $0.4850 level. Technical Indicators
Hourly MACD – The MACD for MATIC/USD is gaining momentum in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
MATIC/USD is now below the 30 level. Major Support Levels – $0.5320
and $0.5150. Major Resistance Levels – $0.5600, $0.5720, and
$0.5850.
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