The technical chart shows that the overall trend of Polygon coin is still bullish. However, the price recently launched a breakout from the extended channel pattern, suggesting that the correction will be prolonged. The coin shows good sustainability below the breakout point ($2.1), towards the next support at $1.70
Main technical points:
- MATIC coin price has challenged the strong support of the 100-day EMA
- The daily MACD shows that its lines are on the verge of sliding below the neutral zone.
- MATIC intraday trading volume is $1.21 Billion, showing a decrease of 9.275%.
The source- Tradingview
In our previous coverage of Polygon Technical analysis, the coin price has resonated in the ascending expanding channel pattern of the daily timeframe chart. The recent correction has dropped the price to the bottom support trendline, hoping for a bullish reversal.
On January 7, however, the crypto market bloodbath produced a large bearish candle that broke the bullish trendline confluence support and the $2.10 level.
Following the important EMAs (20, 50, 100 and 200), MATIC coin price trades above the defining trend of the 100 and 200 EMAs, maintaining the uptrend. However, the correction has engulfed the 20 and 50 EMAs, providing valid resistance throughout the rally.
The moving average convergence divergence shows that the MACD and signal are slowly moving towards the neutral zone from above. Anyhow, with continued selling, these lines might soon offer a bearish breakout.
Traditional Pivot level shows notable confluence with MATIC/USD . histogram level
The source-Tradingview
MATIC price made a two-day retest to identify enough demand from the uptrend line. For today, the coin shows a -8% next candle, charging towards the next support at $1.70.
The ADX line (34) going up signals a bearish tone of the increasing underline in this lower time frame chart.
The traditional axis shows key resistances for MATIC price at $2.18, followed by a horizontal $2.50 on the 4-hour chart. Meanwhile, the support levels are at $1.8 and $1.50.