MATIC token price faces increasing bearish pressure that may drive the price below the $1 mark.
MATIC is the native token of Polygon, a Layer 2 scaling solution. The project is focused on simplifying scalability and instant transactions on blockchains. Polygon uses a modified version of the Plasma framework that is built on proofs-of-stake checkpoints which run through the Ethereum main chain. Each sidechain of Polygon can achieve 65,536 transactions per block thanks to this unique technology.
MATIC coin price action recovers from the recent bearish attack, causing a fall of almost 30%. The support level of $1.2 helped the bulls regain some strength. As of writing this article, the price consolidates above the support zone near $1.20.
Source - Tradingview
MATIC token price struggles to rise above the $1.4 mark. Thus, resulting in a consolidation between $1.20 and $1.40. However, the recent long wick formations indicate a higher price rejection.
Nonetheless, the solid support zone might be able to push the price higher. The support zone did provide support to the price more than twice in the last quarter.
Hence, Investors must remain calm and wait for the perfect breakout entry opportunity.
As of writing the article, the MATIC token price is trading at $1.23. The price is 9.10% up in the last 24 hours. The overpowered bearish attack may soon drive the prices lower below
As per the price action analysis, the Polygon crypto can find resistance near $90 and $115. Meanwhile, the support levels are at $65 and $45.
The 50-day exponential moving averages provide constant support to the MATIC token price. Moreover, the 50 and 200-day EMA rise maintains the bullish alignment as the price finds support near $1.20.
Currently, the RSI indicator is at 51%. It is constantly facing higher level rejections and currently, is moving lower in neutral territory. Thus, bearish pressures are slowly adding up. Investors must be patient and need to wait and watch if these indications lead to a downfall below the 50-day EMA. Till then, Investors can hope for a bullish turnaround.
As per the Polygon technical analysis, the cryptocurrency represents an ongoing brawl between the bulls and the bears. The ultimate defense of the support zone and non-stop bearish attacks are constantly tipping the scales in either direction.
The Polygon crypto is trading between the 50% and 38.20% Fibonacci pivot levels of $1.25 and $1.40, respectively. Both the levels are solid areas of influence and the breakout of either level might lead to strong trend development.