Polygon‘s MATIC price decreased by almost 2% today following a steady drop in volatility across the crypto market. The price looks weak this week as it slowly build-up bearish actions towards a critical support level.
Since the price retraced from $1.56 to $0.95 in the past months, Matic finds it difficult to resume bullish impulsive movement. However, it recovered to $1.26 in mid-March but could not sustain pressure above it.
The price fell again and found support above the important $1 mark level during last week’s trading. It bounced off that level and subjected the trend to sideways ever since.
After touching $1.17 this week, it encountered resistance and rolled steadily down. This rejection triggered a sell action as the price fell to where it is changing hands at $1.09.
Meanwhile, it has started to show signs of weakness following the notable bearish pattern on the 4-hour chart. The lower boundary of the ascending wedge is expected to serve as a support area for a rebound. Should the price plunge below the wedge, we can expect more negative actions to occur.
At the time of writing, Matic’s price is contracting on the daily chart due to low volatility. A major rally is likely to come into play as soon as volatility surges. The trend looks neutral-bearish on the current daily chart.
MATIC’s Key Levels To Watch
While Matic holds the $1 and $1.17 levels and serves as support and resistance for weeks, a surge through those levels would determine the next actual direction of the market.
Considering the current negative actions, the closest support level for drops lies at $1.06 before breaking $1 to $0.95 in the lower time frame. The $0.87 and $0.83 levels are the next support to watch below the wedge.
An increase above $1.17 could activate a buy to $1.26 and $1.35 in no time. For now, Matic’s price is dropping.
Key Resistance Levels: $1.17, $1.26, 1.35
Key Support Levels: $1.06 $0.95. 0.87
- Spot Price: $1.09
- Trend: Neutral-Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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