MATIC price has experienced a significant drop of over 15%, testing the crucial $0.5150 support level. Despite a slow recovery, Polygon’s price may encounter resistance from bears around the $0.5650 and $0.5720 marks.
Starting from the resistance zone of $0.6285 against the US dollar, MATIC price has initiated a fresh decline. It currently trades below both $0.570 and the 100-hour simple moving average. A noteworthy bearish trend line is forming with resistance at $0.5720 on the MATIC/USD hourly chart sourced from Kraken. While a potential recovery may lead to testing the $0.5720 resistance zone in the near term, caution is advised as bearish pressure persists.
Following a promising incline, Polygon’s price encountered significant resistance near $0.6285. MATIC faced a recent downturn, reflecting the trends observed in Bitcoin and Ethereum price movements. The price broke below key support levels at $0.600 and $0.5720, dipping further to test $0.5150. However, a recent rebound beyond the $0.5350 resistance has displayed signs of recovery.
As MATIC remains below $0.560 and the 100 simple moving average (4 hours), immediate resistance is expected near the $0.5550 zone. Further hurdles lie at the $0.5720 level, or the 50% Fib retracement level, with a crucial bearish trend line forming at this level. Potential upward movements above $0.5720 could lead to subsequent resistance levels at $0.5850, opening the path for a steady rise towards $0.6285 or even $0.650.
Conversely, failure to surpass the $0.5720 resistance level could trigger another downward trend for MATIC. Immediate support stands at $0.5320, with a critical level at $0.5150. A breach below $0.5150 might signal a deeper decline towards $0.50, with substantial support at the $0.4850 mark.
Analyzing technical indicators reveals that the hourly MACD for MATIC/USD is showing bearish momentum, while the RSI has dipped below the 30 level. Major support levels are identified at $0.5320 and $0.5150, with significant resistance levels at $0.5600, $0.5720, and $0.5850. Traders and investors should closely monitor these levels to navigate potential price movements effectively.
