MATIC Technical Analysis: 200-Day SMA, the Last Bullish Stand to Maintain the Uptrend

The fallout of $2 increases selling pressure in the MATIC coin price. Will the 200-day SMA stand strong or succumb under bearish power? Polygon’s new features are built on the technology that has been proven to increase the capacity to meet the diverse requirements of the developer-based ecosystem. It continues to improve its core technology to ensure that it is able to scale to accommodate a wider ecosystem. Polygon boasts the ability to process up to 65,000 transactions every second in one side chain and a solid block confirmation speed of fewer than 2 seconds. Polygon also permits the creation of global decentralized financial apps using a single blockchain. Let us move ahead to read about Polygon technical analysis. Past Performance of MATIC MATIC coin price action shows a fall of almost 30% in the past week due to the increased selling pressure all over the market. The breakout of the head-and-shoulders pattern, mentioned in our previous article, is below the $2 support. The fallout results in a downfall of almost 15% within 24 hours, resulting in the formation of a bearish engulfing candlestick.  MATIC/USD Daily Chart MATIC Technical Analysis The MATIC coin price shows a rise in bearish trend momentum and selling pressure. It is evident by the pattern breakout and a 20% jump in trading volume. Moreover, the price falls below the $1.70 mark as it heads lower to the $1.5 mark. The falling 20-day SMA breaks below the 50-day SMA as it heads lower to the 100-day SMA to give another bearish crossover. Moreover, the price breaks below all the SMAs except the 200-day line as it struggles to find support near it.  The MACD indicator shows the MACD and signal lines cracking below the zero line in the daily chart. With the increasing trend of falling histograms and increasing gap between the fast and slow lines, the rise in selling pressure is crystal clear.  The Momentum indicator shows a downfall in the slope below the zero line in the daily chart. The slope at -0.72 shows a sudden jump in the underlying bearish momentum. Therefore, the technical indicators suggest a growth in bearish power as the price breaks below the $2 mark. Moreover, the 200-day SMA breakout seems imminent. Upcoming Trend The MATIC coin price action shows growth in underlying selling pressure after the fallout of the rising channel and the support level at $2. The increased bearish trend momentum may shortly break below the 200-day SMA to reach the $.5 or $1.2 mark. However, if the prices find support near the 200-day SMA, the resistance levels are at $2 and $2.15. At press time, the technical Analysis by TradingView gives a “SELL” signal for the MATIC coin. Technical Analysis for MATICUSD by TradingView

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