With the beginning of the fresh week, the crypto space yet again drained out the profits and approached the initial levels yet again. Bitcoin price which was speculated to surpass $39,000 is yet again hovering around $37,000. And hence the altcoins like MATIC price is going inversely parabolic to hit the lower support in the next couple of hours.
The Polygon price attempted multiple times to hit $1.8 crucial resistance but failed each time and plunged below $1.5. Following a bearish breakout, the asset had reached the 200-day MA at $1.5 recently. And hence surpassing these levels, it was speculated that the asset would undergo a decent uptrend to hit $2.5 resistance. But the downtrend is outspread in the short term and mid-term which may prevent the asset surge with huge margins.
As mentioned the price trend in the short-term and the mid-term is pretty bearish as the asset just slipped below the lower bands of the channel. The RSI has fallen below 40 but also made a slight bullish divergence. On the other hand, MACD is showing a huge accumulation of selling volume but the entire trading volume remains diminished. Interestingly, the MACD line is on the verge to surpass the signal line and move towards the north which points towards an interim upswing.
Coming to the On-balance volume which suggests the volume of the asset at a particular price zone remains flat. And hence suggests that the demand from the buyers is equal to the supply from the sellers keeping the volatility rate diminished. The nearest support zone is very close around $1.5 and the nearest resistance zone is around $1.75.
Source: https://coinpedia.org/price-analysis/polygonmatic-price-an-inch-close-to-the-trigger-zone/
