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On March 10th, the Polygon coin price bounced back from the combined support of $0.948 and 0.786 Fibonacci retracement level. This bullish reversal has surged the coin price by 20% in the last four days where it currently trades at the flipped resistance of $1.18. However, is the ongoing rally a resumption of a prior uptrend or just a temporary pullback before the next bear cycle hits?
Key Points
- The Polygon coin above the 200-day EMA reflects the overall price trend as bullish
- The $1.18 and $1.3 are crucial barriers that could restrict buyers to resume prior recovery.
- The intraday trading volume in the MATIC is $795.4 Million, indicating a 30% gain.
Source- -Tradingview
A V-top reversal from the $1.53 peak showcased a directional downfall in the Polygon coin price. Over the past three weeks, this downfall tumbled the coin price by 38% and plunged it to 0.786 Fibonacci retracement level.
Though 0.786 FIB is a strong support zone, the coin price falling to such a low level during correction is a sign of weakness in bullish momentum. However, the buyers have recently managed to rebound from this support and push the prices to the $1.18 resistance.
By the press time, the MATIC price trades at $1.13 with an intraday loss of 1.39%. Considering the overall negative sentiment in the market, the currently bullish reversal is still to be assessed as a temporary pullback.
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Thus, for prices to gain additional confirmation on the resumption of the uptrend, the buyers need to breach the $1.18 and $1.3 barriers.
On a contrary note, a possible reversal from $1.18 will encourage a revisit to $0.948 support.
Technical Indicators
EMAs: The 20-and-50-day EMAs on the verge of bearish crossover near the $1.18 level will create a strong barrier against the potential rise
MACD: the MACD and the signal line nearing a bullish crossover indicates the buying pressure is gradually rising
Polygon Coin Price Intraday Levels
- Spot rate: $1.13
- Trend: Bearish
- Volatility: Low
- Resistance levels- $1.18, and $1.3
- Support levels- $1.05 and $0.93
The post Polygon Coin Could Slide To $1 As Multiple Hurdles Pressurize MATIC Buyers appeared first on CoinGape.
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