Polygon Price Holds Amidst Bloody Day, Can Price Hold Above $0.60?
August 26 2022 - 3:58PM
NEWSBTC
The price of Polygon (MATIC) has shown great strength in the past
few weeks against Tether as it maintained its bullish sentiment.
Despite the retracement across the crypto market, Polygon has shown
great strength holding above $0.75 compared to other crypto assets
that have lost their key support. (Data from Binance) Related
Reading: Majority Of Ethereum Investors Maintain Profitability
Despite Decline Below $1,700 Polygon (MATIC) Price Analysis On The
Weekly Chart From the chart, the price of MATIC saw its weekly low
at $0.75; the price of MATIC bounced from that region to a price of
$1 on the weekly chart as the price is unable to show much strength
to trend higher after being rejected. MATIC’s weekly candle closed
with a bearish sentiment, with the new week’s candle looking more
bearish. The price has continued to show little or no
traction; If the price of MATIC on the weekly chart maintains this
structure, it could retest its low of $0.6 as the support region on
the weekly chart. For the price of MATIC to trend higher, it needs
to hold above the resistance at $0.6 to enable the price to trend
higher. Weekly resistance for the price of MATIC – $1. Weekly
support for the price of MATIC – $0.6. Price Analysis Of MATIC On
The Daily (1D) Chart The price of MATIC has found itself ranging in
a channel after being rejected from the $1 mark despite showing
bullish strength in weeks, rallying from $0.3 to the $1 mark. MATIC
has found its price between $0.75 acting as support and $1 acting
as the resistance for the price of MATIC. The price of MATIC needs
to reclaim the region of $0.8 for the price to have the chance of
trending higher. If the price of MATIC fails to reclaim $0.8,
the support at $0.75 and $0.6 would be a good region for bulls to
build more strength and hold the price sell-off. MATIC is currently
trading at $0.77, just below the 50 and 200 Exponential Moving
Average (EMA), which corresponds to prices of $0.82 and $1, acting
as resistances for MATIC price. MATIC is holding up well despite
the retracement; if the price holds above $0.6-$0.77 price could
have a good chance to trend higher. On the daily chart, the
Relative Strength Index (RSI) for the price of MATIC is at 40,
indicating sell orders. Daily (1D) resistance for MATIC price –
$0.82-$1. Daily (1D) support for MATIC price – $0.75-$0.6. Price
Analysis Of MATIC On The Four-Hourly (4H) Chart The price of MATIC
has shown great strength holding up after the rejection from $0.82,
acting as resistance. MATIC price is trading just below the 50 and
200 EMA price, corresponding to $0.85, acting as resistance to the
MATIC price. Polygon price needs to break and hold above the 50 and
200 EMA to assume its bullish sentiment; if MATIC fails to break
and hold above, we could see the price retesting its support levels
at $0.75-$0.6. Four-Hourly (4H) resistance for MATIC price –
$0.82. Four-Hourly (4H) support for MATIC price – $0.75-$0.6
Related Reading: Will Ethereum Complete This Bearish Pattern And
Plunge To $1,000? Featured Image From zipmex, Charts From
TradingView.com
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