Price Analysis

Polygon(MATIC)Price on Crucial Levels, A 10% Drop or 12% Jump Appears Pre-Programmed!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jan 6, 2022

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Highlights

    Matic price slid down drastically from $2.3 levels since the early trading hours and testing one of the crucial support levels

    The asset is expected to rebound from these levels and quickly gain a huge bullish momentum to hit the immediate resistance at the earliest

The Polygon(MATIC) price yet again plunged heavily and is testing one of the strong support levels. After manifesting an extremely bullish trend, since the mid of December, the asset plunged down drastically after reaching ATH. However, if the current levels are held strong then a minor flip leading to a small uptrend is quite possible. 

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The price zones around which the MATIC price is considered as pretty strong as the asset visited these levels many times. No doubt the buyers bragged into uplifting the price yet failed as the sellers quickly bought the price back along with the support levels. Considering the current accumulation along with the support levels, one can expect a notable flip. However, the possibility of a drop still hovers the rally. 

Will Polygon (MATIC) Price Rise Or Crash ?

  • The MATIC price in mid-December sliced through the crucial zone and then resistance levels around $2.11  and went inversely parabolic to land up yet again on the same support levels
  • The asset is consolidating just above these levels for the past couple of hours, without ranging high or breaking through these support levels. And hence one can expect a notable flip from these levels in the coming hours. 
  • If the MATIC price flips the bearish trend, then we can expect the buyers to pile up their orders. With this the Price achieves the immediate resistance levels at 200-day MA around $2.3. 
  • Later the asset may test the upper resistance levels at $2.4, $2.5 and finally at $2.7. Further, the path towards $3 piercing through the current ATH may become pretty clear.

Also Read Attention Traders! Bitcoin Crash to be Scarier, Target Levels are Beyond your Imagination

Collectively, in between the bearish trend hovering within the crypto space, MATIC price is showcasing some possibilities of an uptrend. No doubt the consolidation above the support levels do not signify an incoming uptrend. However, it may be assumed as fast approaching. As the sellers or the bears may eventually get exhausted at some point and this is when the buyers become strong to rise above the initial targets. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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