BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Will Polygon (MATIC) Support Hold? Price Analysis Reveals Surprising Insights

Will Polygon (MATIC) Support Hold? Price Analysis Reveals Surprising Insights
The Polygon (MATIC) price has traded above a long-term horizontal support area since breaking out in November 2023.



MATIC also broke out from a short-term descending resistance trend line but failed to clear a Fib resistance level.



Polygon Consolidates Above Support



The weekly time frame chart shows that MATIC has increased since October 2023 . The price broke out from a horizontal resistance area the next month, culminating with a new yearly high of $1.09 in December. 



While MATIC has fallen since, it still trades above the horizontal area , which now acts as support. MATIC bounced in January 2024, creating a long lower wick (green icon). Despite the bounce, the price trades below a long-term descending resistance trend line existing for 780 days.



MATIC/USDT Weekly Chart. Source: TradingView



The weekly Relative Strength Index (RSI) gives a bullish reading since it is above 50 (green circle). Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset.



If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.





Read More: How to Buy Polygon (MATIC) 







MATIC Price Prediction: Has the Reversal Started?



While the weekly time frame leans bullish, the daily one is undetermined.



The chart shows that MATIC has increased since January 23, breaking out from a descending resistance trend line five days later. The breakout led to a high of $0.87 on February 10.



ColdBloodShill believes that despite being at resistance, MATIC will soon break out .




Is $MATIC doing that thing where it’s like “haha im so weak at resistance oooh please short me” then BAM it hits the upside, ColdBloodShill commented .




However, MATIC was rejected by the 0.382 Fib retracement resistance level and has fallen since. This caused the RSI to decrease, nearly taking it below 50.





Read More:  How To Use the Polygon Bridge: A Step-by-Step Guide







Because of the mixed readings, the reaction to the 0.382 Fib retracement resistance will be key in determining the future trend.



MATIC/USDT Daily Chart. Source: TradingView



A MATIC breakout can trigger a 13% increase to the next resistance at $0.92, while a rejection can cause a 12% drop to the closest support at $0.72.



For BeInCrypto ‘ s latest crypto market analysis,  click here.

Best crypto platforms in Europe | February 2024






PrimeXTB
Explore →






Wirex App
Explore →






AlgosOne
Explore →






YouHodler
Explore →






KuCoin
Explore →






Margex
Explore →






Explore more



The post Will Polygon (MATIC) Support Hold? Price Analysis Reveals Surprising Insights appeared first on BeInCrypto .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Will Polygon (MATIC) Support Hold? Price Analysis Reveals Surprising Insights


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky Bookcase Script