Price Analysis

Selling Pressure Mounts on Polygon(MATIC) Price, Will It Plunge Below $1?

Highlights

    The Matic platform becomes proactive with increased trading volume within a couple of hours

    The compressed rally finally broke down and feared to lose the pivotal levels around $1 too

In the wake of extensive selling going on within the crypto space, most of the tokens tend to shed their gains. Including Bitcoin price, Ethereum price, Polyon (Matic) price, etc, many cryptos flipped into bearish divergence after registering a slight uptrend. 

Matic price after continued to trend within a narrow range after June Crash as trading volume depleted. However, a sudden spike led to an extensive activity but woefully for mainly for selling. The price is about to break the support levels indicated by Bollinger Bands and also the 50-day MA. 

Also Read: XRP Price Could Hit $1 If It Clears These Levels!

maticchart

The price broke the strong support levels at $1.20 and continued to move towards the south, testing the next support levels at $0.99. The price had bounced off these support levels in the recent past and a similar trend could be on the way. 

Currently, the bulls need to jump into action to prevent further price drain. As the extreme selling pressure is currently restricting the price below $1.01. However, the price needs to bounce back towards the critical resistance around $1.3 in order to resume an uptrend. Else the rejection may lead to revisiting heavy support levels around $0.97. In the worst case, if these levels are broken then the lower support levels at $0.45 could be imminent.

Collectively, the slashing volume indicates the lessened interest of the traders. In fact, due to this, the volatility is also hampered to large extent. Therefore, if a large jump is needed then the bulls are required to take control. And hence Polygon(MATIC) price could regain the lost momentum to propel further.

Also Read: A Very Volatile Week Ahead For Bitcoin Price Could Hit More Than $80K

Tags
Show More

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button
Close
Close