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The fast-falling Polygon coin price may soon retest the local support of $0.76. With rising volume on the selling side, the coin price could give a high momentum breakdown from this support. Will this potential downfall tumble MATIC price to a lower level, or will we see a bullish reversal soon?
Key Points:
- The $0.76 and $0.7 support could offer suitable support to coin buyers
- The 20-and-200 EMAs offer a bearish crossover
- The intraday trading volume in the MATIC is $550.7 Billion, indicating a 72% gain.
Source- –Tradingview
Amid the recent bloodbath in the crypto market, the polygon coin witnessed a V-top reversal from the $1.3 resistance. Furthermore, this downfall registered a 41.3% loss and plunged to local support of $0.76.
The coin price currently trades at the $0.783 mark, but the last three days’ rising volume indicates this downfall could extend further. Thus, with sustained selling, the Polygon coin price could soon breach the $0.76 support and bolster further downfall.
This development would tumble the MATIC price 11.5% to retest the combined support of $0.7 and 0.618 Fibonacci retracement level. Thus, this support seems strong enough to resume the prevailing uptrend.
On a contrary note, the overall volume action has reduced during the correction phase indicating this downfall is temporary. Thus, coin holders should watch for any reversal signs at $0.76 or $0.7.
Technical Indicators
MACD indicator: with a significant bearish spread, the MACD and signal lines dropped below the neutral, indicating the market sellers regained trend control.
EMAs: the long-flattish EMAs(100 and 200) accentuate a sideways market trend. Whereas the short days EMAs(20 and 50) falling downward indicates rising selling pressure.
Polygon Coin Price Intraday Levels
- Spot rate: $0.78
- Trend: Bearish
- Volatility: Low
- Resistance levels- $7.6 and $7.6
- Support levels- $7 and $0.95
The post Decreasing Volume Hints Polygon Price Correction Is Temporary appeared first on CoinGape.
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