Price Action The Polygon demonstrates a reduce selling price rejection close to the divergence channel assistance trendline. The selling price is close to the confluence of the assistance trendline and the $two.14 horizontal degree. Will selling price handle to push increased from substantial demand or will it resist improved promoting strain?
Main technical factors:
- MATIC token selling price breaks beneath the 50-day EMA and tries to sustain over the one hundred-day EMA.
- The MATIC token’s intraday trading volume is $two.Billion, indicating a drop of 21.eight.
In our former coverage of Polygon technical examination on December 22, the token selling price attempted to break over the $two.50 zone. The coin selling price created a bullish breakout, but the sudden maximize in promoting strain led to a drop to $two.
The coin selling price struggled to sustain over the substantial-demand location close to the confluence of the assistance trendline and the horizontal degree at $two.14. However, improved promoting strain signifies a bearish bias.
The critical EMAs in the day by day chart continue to be bullish. However, the coin selling price broke beneath the 50-day EMA and sustained over the one hundred-day EMA by a bearish rejection.
The Stochastic RSI in the day by day chart demonstrates the K and D lines in the oversold zone. However, these lines will quickly provide a bullish crossover that could reverse the downtrend.
The ADX indicator demonstrates a slight downward slope, indicating a reduction in the former uptrend.
MATIC Coin Showing Rejection Candle Near $two Support
The MATIC token selling price demonstrates a quick-phrase retracement in the falling channel in the day by day chart. However, the psychological assistance at $two suggests a substantial probability of a bullish reversal with a double bottom.
On the contrary, improved promoting strain will make traders extra fearful about the means to neutralize demand at $two. Therefore, traders have to have to be on the lookout for breakout industry entry options.
The selling price action demonstrates resistance at $two.44 immediately after the $two.70 horizontal degree in the day by day chart. Meanwhile, former bullish reversals marked the assistance ranges at $one.80 and $one.46.