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Polygon Price Analysis: Matic Network Below The 50 day MA, Might retest Support! 

  • Polygon price today couldn’t hold the 50 day moving average, bears active in the short run.
  • We might see Polygon retest support in the near future.
  • MATIC/BTC is currently trading at 0.00002786 BTC with an intraday change of -4.00 % while MATIC/ETH is trading at 0.00038354 ETH with an intraday loss of 2.74%.
Tradingview

Polygon Price is currently trading below the 50 day moving average. However, the price is still above the 100 and the 200 day moving average. Today the price failed to hold above the 50 day moving average meaning the bears are getting active for the time being. We might see a retracement in the near future. The 100 and the 200 day moving averages will act as critical support in the future, if the price breaks down.

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The Relative Strength Index (RSI) is below the normal zone. The RSI line is sliding downwards from the normal zone and is expected to reach the overbought area in the near future. 

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The Moving Average Convergence Divergence (MACD) is indicating a bearish momentum. The MACD line is below the signal line and is  also below the zero line which suggests the bears  are in control. The histogram is also creating red bars and signifying the bulls losing strength.

Tradingview

The Fibonacci indicator is suggesting support at $1.206 price level. The $1.067 price level is the next support indicated by the Fibonacci indicator. The resistance levels directed by Fibonacci are $1.543 price level and $1.795. 

NOTE: The 50, 100 and 200 day moving averages are in colour Yellow, White and Red. 

The MACD line is coloured Blue while the signal line is in Red colour. 

The important support and resistance to look for are:

SUPPORT: $1.206, $1.067

RESISTANCE: $1.543, $1.795. 

TAKEAWAY: Taking all the technicals mentioned above, currently the price momentum is in favour of bears. So, we may see Polygon Price retesting the support levels mentioned above. In the short run we are expected to see a pullback but in the long run still the bulls are in control.