Crypto
Polygon Price Analysis: $0.45 Fallout Will Tank MATIC Values By A Hefty 25%
Polygon (MATIC) values have tanked to a $0.45 support. The coin values remained steady at $0.45 level for the past four days hinting that it is a viable support level. The coin sellers are trying to breach this support level and repeat the downfall to the June bottom support of $0.45.
The MATIC/USDT rally was rudely stopped on June 26 when it tanked from the $0.635 level and produced an evening star candle. This was followed by a string of seven connective red candles with rising volume deprecated the altcoin’s market value by 27%. It also brought to naught 50% of coin holders’ gains witnessed in the previous recovery.
MATIC Bullish Momentum Halted
The steep 50% tanking is indicative of weakness in bullish momentum and it sent the altcoins to its present level of $0.456. At present the MATIC price is down by 7.4% and teases a breakdown from the flipped support of $0.45.
In other words, a daily candle stick closing below this level will precipitate the downward sinking of values and sink the MATIC price 28.8% lower to $0.32. However, a long tail rejection that accompanies the June 30th candle projected a demand pressure at $0.45.If the buyers are able to defend this support it means that bullish momentum may return and trigger another price surge. It will lead to a resurgence which will drive the MATIC price back to $0.635 resistance, with a better possibility of breaking it.
MATIC Technical Benchmarks
RSI Benchmarks: If the RSI angle does not remain above the neutral line and tank to the 14-SMA it hints a weak bullish commitment.
EMAs Benchmarks: If the buyers are not able to garner support for the 20-day EMA, which now acts as potential resistance and the coin values change hands under the crucial EMAs (20, 50, 100, and 200), it is indicative of a downward spiral.
Benchmarks: The fast and slow lines converge at a bearish junction into the negative region heralding a breakdown from the $1.45 support. However lethargic contracting green bars in the histogram region point to a weak bullish momentum.
Resistance levels- $0.58 and $0.63
Support levels- $0.45 and $0.32