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HomeAnalysisMATIC/USD set to break below the daily support at $0.77

MATIC/USD set to break below the daily support at $0.77

Polygon price analysis suggests that cryptocurrencies have entered a bearish trend after losing 14% of their value overnight. Prices are currently trading near the $ 0.87 level and are facing resistance at the $ 0.90 level. There is also a bearish trendline formed by resistance near the $ 0.88 level on the MATIC / USD 4-hour chart.

This pair is likely to rebound higher in the short term, but is most likely to struggle near resistance levels of $ 0.88 and $ 0.90. If it falls below $ 0.87, it could fall below $ 0.85 in the near future.

Polygon prices are currently trading near the $ 0.87 level and are facing resistance at the $ 0.90 level. There is also a bearish trendline formed by resistance near the $ 0.88 level on the MATIC / USD 4-hour chart.

The pair may be modified higher in the short term, but can struggle near resistance levels of $ 0.88 and $ 0.90. On the downside, if it falls below $ 0.87, it may move below $ 0.85 in the short term.

MATIC / USD 1-day chart: Bear is in charge of the market

MATIC’s daily price chart suggests that cryptocurrencies have begun a new bearish trend after failing to maintain support levels of $ 1.00. The price has recently fallen below the major bullish trendline with support of nearly $ 0.96 on the same chart.

Prices are currently well below the $ 0.95 level and 100 simple moving averages (1 day). The MATIC / USD 4-hour chart has a major bearish trend line formed by resistance near $ 0.88.

The pair can have a hard time recovering in the short term unless it clears the $ 0.88 resistance level. The next major hurdle for bulls is close to the $ 0.95 level, above which prices can begin to rise strongly.

MATIC / USD daily chart. Source: TradingView

The volatility of digital assets has increased significantly over the past few days as Bitcoin, Ethereum, and other major cryptocurrencies have begun to decline sharply. Polygon (MATIC) is also under pressure and recently broke a major $ 1.00 support area.

Prices even fell below the $ 0.95 level before starting the upward revision. It recovered above the $ 0.88 level, but struggled to gain traction above the $ 0.90 resistance. The MATIC / USD 4-hour chart has a major bearish trend line formed by resistance near $ 0.88.

Polygon Price Analysis: Recent Price Trends

MATIC’s 4-hour price chart suggests that cryptocurrencies have begun to fall again after failing to maintain the $ 0.95 support level. It broke the major $ 0.88 support area and tested the $ 0.87 level.

MATICUSD 4-hour price chart 20220511

MATIC / USD 4 hour price chart. Source: TradingView If you fall below the $ 0.87 support area, prices may drop anew. The next major support is near the $ 0.85 level, below which bears may aim to move to the $ 0.80 level in the short term.

Conversely, the initial resistance is close to the $ 0.88 level. The main resistance is currently formed near the $ 0.90 level, beyond which the Bulls may aim to push towards $ 0.95.

Conclusion of polygon price analysis

Polygon price analysis continues to be supported near the $ 0.87 level, but below this support it could fall further below $ 0.85 in the short term. The main resistance is currently close to the $ 0.90 level, and only clear breaks above this level could open the door to a strong rise towards $ 1.00.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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