Will Polygon(MATIC) Price Flip Back to $1.5 Levels in the next 24 hours?

The post Will Polygon(MATIC) Price Flip Back to $1.5 Levels in the next 24 hours? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Polygon(MATIC) rose high during the previous trading day and cleared the crucial $1.5 levels very quickly. However, the price flipped into a deep bearish well as the trade was approaching the day close. The uncertain environment was soon eased out and hence the MATIC price quickly recovered with some gains. Moreover the possibility of maintaining a strong uptrend surface.

The asset is known to withstand trembled situations with ease each time encountered. The short-term and long-term which are currently pretty bearish may flip any time from now. While the technicals suggest a minor relief, the chart pattern indicates a significant bearish trend fast approaching.

Also Read: Shiba INU(SHIB) Price Fears to Plunge Below $0.00002 Very Soon, Will The ShibArmy Jump in Action?

Polygon(MATIC) Technical Analysis

The RSI and the MACD in the short-term showcase the possibilities of a flip from the bullish trend. The RSI is hovering along with the middle levels, preventing it from entering the oversold levels. And on the other hand, the buying volume has eased notably. And the MACD is about to let out a massive sell signal very soon. 

On the other hand, the rally strength indicator, Average Directional Index(ADX) is slowly heading towards the overbought levels. And hence a flip may be pre-programmed that may re-induce strength in the rally soon. Moreover, the MATIC price is less volatile and hence no steep and drastic change may occur in the near future. 

Polygon(MATIC) Price Analysis

The Polygon(MATIC) price maintained a considerable descending trend from mid-February. While it was well on track to slice through the descending trend, an acute bearish trend slashed the price towards the lowest levels. Moreover, the chart trend displays the possibilities of the asset plunging down close towards the $1.1 levels and may attempt a strong bounce. 

The MATIC price due to the recent surge which was followed by a notable consolidation showcased the formation of a bull flag. Currently, after consolidating for another couple of hours, the asset may tend to jump by another 10% testing the higher resistance around $1.598. Here one can expect a huge influx of liquidity that may assist the asset to maintain the uptrend. As the fundamentals are pretty strong and the platform is more focused on DeFi’s and the Metaverse, the price may be impacted to a larger extent very soon. 

Also Read: Cardano Signals Bearish Trend Despite a Strong Flip in the Market, Is ADA Price Primed to hit $0.5?

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