MATIC Price Analysis: Polygon continues to trade sluggishly inside the descending parallel channel
MATIC is maintaining a lethargic momentum inside the descending parallel channel on the 4-hour chart
MATIC jumped declined from a high of $1.32 to a low of $1.16 in Saturday’s intraday session
Presently, MATIC is priced at $1.28 established on the back of a 2.87% decrease in the past 24 hours
The daily technical chart of MATIC forecasts a reversal for the token with respect to the price action approaching the breakout of the ascending triangle pattern.
Having said that, MATIC is experiencing pressure by the bears as evidenced by the 50 SMA rupturing the momentum. For MATIC to discontinue its bearish bias, the bulls need to step up and restore the price above the moving average which is currently serving as resistance to the token.
The daily Stochastic RSI is in favor of a rebound as demonstrated by the bullish crossover between the %K and the %D line. In addition to it, the volume has gradually picked up its pace and is supporting the idea of a reversal. While the volume of (28.54 M) is comparatively lower than that of the 20 period moving average (32.22 M), the volume oscillator is exhibiting signs of recovery after bottoming inside the negative territory.
However, on the off chance that MATIC bulls fail to ditch the 50 MA, the price can lean to the support cushions of $1.14 and $1.03 respectively. The possibility of a trend change can only be guaranteed if the price manages to breach the overhead resistance of $1.50 in the near term.
According to the coinmarketcap website, MATIC is ranked #16th and is enjoying the market dominance of 0.55% while its market capitalization recently flooded to $8.4 Billion.
MATIC/USD onTradingView
MATIC PRICE CHART ON THE 4-HOUR TIME FRAME
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Despite the daily chart demonstrating the possibility of the potential trend reversal, MATIC on the 4-hour chart is continuing its sluggish momentum inside the descending parallel channel. Keeping in mind that MATIC, just like any other altcoins, is targetted by bitcoin dominance, the price could bottom way lower than May lows in the near term.
However, the short-term movement for MATIC remains bullish as evidenced by bullish divergence and the impending bullish crossover on the MACD.
MATIC could bid goodbye to the bearish continuation pattern provided that the trend overturns the 20 EMA as support. For the bullish outlook to hold accountability, a decisive close above the FIB retracement at $1.26 is necessary.
Barring an extended sell-off, MATIC needs to steer clear of the $1.06. On the upside, a break above the 0.382 FIB could stimulate MATIC into flipping the bearish pattern into a bullish reversal outlook.
SUPPORT : $1.14, $1.03
RESISTANCE : $1.26, $1.50