Bears attempt to pull MATIC’s price below the $1 psychological support

As of yesterday, MATIC’s price is hovering just above the $1 psychological support. These support levels are significant because they represent the price that buyers are willing to pay to acquire a cryptocurrency. In the past year, when the cryptocurrency market has experienced a strong bull run, the importance of these support levels has diminished. But now, during a bear market, they become important again. During a bear market, buyers are only willing to pay as little as possible for a cryptocurrency. If the price of a token goes below the support level, the buyers who just wanted to get rid of the token, sell off the token. This sell off causes a downward pressure on the price. The bearish pressure causes the price to drop even further, which causes

The cryptocurrency community has shown a lot of interest in MATIC over recent months. The platform’s use of Masternodes has been compared to the Dash blockchain, and its return of 5% per annum has also been appreciated by investors. However, MATIC’s price has suffered in recent weeks, dropping from an all-time high of $2.40 in early June to a low of $1.28 on the 10th of July. The price has recovered slightly, but the bears are still in control.

Once thought to be immune to the bear market that the rest of the cryptocurrency market has been experiencing, Matic Network’s price has been steadily dropping over the past week. At the time of writing, the price of Matic Network’s token, MATIC, is  $0.975, down from $1.36 on the 10th January.

Summary of the situation

  • On yesterday’s daily chart, Polygon’s share price hit new weekly highs.
  • Will the bulls defend the 21-day SMA after the bears break psychological support?
  • The polygon price is hovering around $1.3605 and making a zigzag move on the 4-hour chart.

Price forecast per polygon: Price Overview

Polygon (MATIC) hit new weekly lows on the daily chart yesterday, losing at least 16% of its value. This is the third consecutive day that the price of the currency has fallen and is already in a parabolic downtrend. The currency reached an all-time high on Wednesday, before falling during a mid-week market collapse. MATIC fell from $2.8985 to $1.6226, a variation of more than 33%. The bears have already pushed the altcoin’s initial support below the $1 psychological support level, which could open the door for a serious decline towards the $0.90-$0.95 level. China’s measures to restrict cryptocurrency activity in the country have further weakened the technical performance of the cryptocurrency market, leading to a strong selling trend. Therefore, the daily and weekly charts show a bearish outlook for the Ethereum stack decision. However, the bulls were able to defend the crucial 21-day simple moving average at $1.2253. Unfortunately, with less support from the general market and massive selling, the question is how long the bulls will defend the SMA. On yesterday’s daily chart, the bears again tested key support below $0.9150, which is located at the 23.6% FIB extension level of the bullish trend from April to May. The bulls are hoping that buyers will step in and neutralize the downside reversal before sellers bring the price back to the 50-day simple moving average, which stands at $0.7832.  If this happens and the bears take full control of the market, the next downside target could be the 100-day simple moving average at $0.5194. Polygon started the weekend low, but by Friday it was down 60%.  By the end of the day, however, the currency had recovered at least 33% of its intraday losses. The altcoin started the week with a slight uptrend, and if the bulls can break through the limits of the uptrend, MATIC has a good chance of leading the week’s bullish move.

Series price movement in the last 24 hours

Currently, the momentum of the MATIC/USDT pair may be limited by the continuation of the bearish correction to 261.8% FIB ($1.99). Bulls are hoping for a resumption of the daily rally and the establishment of a price polygon above the all-time high at $2.89. (Source: Tradeview) Nevertheless, Polygon has been able to maintain its upward trend compared to most altcoins on the market. Recall that in the early morning hours, the bulls were able to break through the 38.2% FIB retracement at $1.2915.

Polygoon 4-hour Course schedule

At the time of writing, Polygon’s share price is at $1.3605 and is making a zigzag move on the 4-hour chart. There are more green candles than red candles in the price action, indicating upward movement and the hope of an imminent recovery. (Source: Tradeview) Bears attempt to pull MATIC’s price below the $1 psychological support

Price forecast per polygon: Supplement

The relative strength index of the polygons is slightly corrected from the negative range to the neutral position. The chance of a relapse is quite small. So, if the crypto-currency market manages to move forward, the currency could be the driving force behind the next short-term rally. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.This morning, bears were able to push the price of MATIC below the $1 psychological support, but bulls were able to push it back above that level. This shows that the battle for control of the market is still raging. At the time of writing, the price is at $1.01, a decline of $0.02 or 1.95% from the opening price. The bulls might be able to push the price back above the $1 mark in the coming hours, but the bears always have the opportunity to try again.. Read more about matic reach $1 and let us know what you think.

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