Tuesday, November 5, 2024

Can Polygon Get well From The Latest Crash?

MATIC worth is down over 15% and examined the $0.5150 assist. Polygon is slowly recovering, however the bears could be lively close to $0.5650 and $0.5720.

  • MATIC worth began a recent decline from the $0.6285 resistance zone in opposition to the US greenback.
  • The worth is buying and selling under $0.570 and the 100-hour easy transferring common.
  • There’s a key bearish pattern line forming with resistance at $0.5720 on the hourly chart of the MATIC/USD pair (information supply from Kraken).
  • The pair might recuperate and check the $0.5720 resistance zone within the close to time period.

Polygon Value Takes Hit

After a good improve, Polygon’s worth confronted heavy resistance close to the $0.6285 zone. MATIC fashioned a short-term prime at $0.6286 and just lately began a recent decline like Bitcoin and Ethereum.

There was a pointy transfer under the $0.600 and $0.5720 assist ranges. The worth even dipped under $0.5250 and examined $0.5150. A low was fashioned at $0.5151 and the value is now trying to recuperate. There was a transfer above the $0.5350 resistance stage.

The worth climbed above the 23.6% Fib retracement stage of the downward transfer from the $0.6286 swing excessive to the $0.5151 low. MATIC is buying and selling under $0.560 and the 100 easy transferring common (4 hours).

Fast resistance is close to the $0.5550 zone. The primary main resistance is close to the $0.5720 stage or the 50% Fib retracement stage of the downward transfer from the $0.6286 swing excessive to the $0.5151 low. There’s additionally a key bearish pattern line forming with resistance at $0.5720 on the hourly chart of the MATIC/USD pair.

MATIC price Polygon
Supply: MATICUSD on TradingView.com

If there’s an upside break above the $0.5720 resistance stage, the value might proceed to rise. The subsequent main resistance is close to $0.5850. A transparent transfer above the $0.5850 resistance might begin a gradual improve. Within the acknowledged case, the value might even try a transfer towards the $0.6285 stage or $0.650.

One other Decline in MATIC?

If MATIC’s worth fails to rise above the $0.5720 resistance stage, it might begin one other decline. Fast assist on the draw back is close to the $0.5320 stage.

The primary assist is close to the $0.5150 stage. A draw back break under the $0.5150 stage might open the doorways for a recent decline towards $0.50. The subsequent main assist is close to the $0.4850 stage.

Technical Indicators

Hourly MACD – The MACD for MATIC/USD is gaining momentum within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for MATIC/USD is now under the 30 stage.

Main Help Ranges – $0.5320 and $0.5150.

Main Resistance Ranges – $0.5600, $0.5720, and $0.5850.

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