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Polygon Price Analysis: Amidst the increasing bearishness in the crypto market, the polygon coin price witnessed an aggressive downfall within a fortnight. From the peak of $0.995, the coin price tumbled 45.4% to hit the psychological support of $0.509-$0.5. However, the sellers are currently facing a major hurdle at the $0.5 mark, projecting the buyers may regroup at this support. Will recovery kickstart?
Also Read: Kraken NFT Launched Officially With Polygon Integration
MATIC Price Daily Chart
- A lower price rejection candle at $0.52-0.5 indicates rising buying pressure.
- A MATIC price may face high supply pressure at the $0.698 mark
- The intraday trading volume in the MATIC is $364.5 Million, indicating an 8.67% gain.
Source-Tradingview
On June 10th, the MATIC price recorded a 28% loss in the early hours and tested the psychological support zone of $0.52-$0.5. The investor reacted quickly to the discounted price and the intraday loss was halved by the day’s end.
The resulting lower tail rejection reflects the $0.5 as a strong accumulation, withstanding the current market sell-off. By the press time, the MATIC price trades at $0.6, with an intraday loss of 1.3%.
It is likely the altcoin price will make a revisit to $0.5 and confirm its sustainability above it. A potential consolidation above the aforementioned support could offer a reaccumulation opportunity to traders.
On a contrary note, the recent breach support of $0.687 and $0.745 will act as crucial ceilings to validate if buyers are ready for a recovery rally.
Can MATIC Price Sustain $0.5 Support?
Despite the aggressive sell-off on June 10th, the MATIC price didn’t breach the $0.5 support, indicating that even in unfavorable scenarios the buyers defended the mentioned support. Therefore, it’s less likely to see a breakdown below this until we see some other negative news spread across the market. The long-tail rejection is a sign that buying pressure is rising at the $0.5 mark.
- Bollinger Band: The coin price challenge the lower band of the BB indicator 3rd deviation indicates instability in the current downtrend,
- Relative strength index: The daily RSI slope also plunged to an extremely low level(14%) in the oversold region indicating that any further selling is less likely
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
