Polygon Faces Decision Time As Price Sits On Key Support; Will $0.7 Hold Sell-off?
- MATIC’s price lost its demand zone as the price struggled to hold above $0.7.
- MATIC’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors.
- MATIC’s price looks weak as the price struggles to hold above $0.7, with the possibility of reclaiming the daily 50 Exponential Moving Average (EMA) remaining bleak.
The price action displayed by Polygon (MATIC) has continued to look disheartening, with the FTX effect affecting small crypto projects like Genesis as the market continues to look weak on each passing day signifying the bottom is not yet in leading to the price of many altcoins, including Polygon (MATIC), battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move after previous weeks saw the price of MATIC perform well. Most altcoins have lost their key support and have traded with over 90% loss, with many hoping for a crypto revival. (Data from Binance)
Polygon (MATIC) Price Analysis On The Weekly Chart
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.
FTX and now Genesis news has hugely impacted the price of MATIC, sending the price into a spiral movement to a region of $0.8 as the price struggles to stay at $0.7.
After the price of MATIC closed below the weekly high of $1, there are high chances of the market going lower, with the prices of MATIC looking more bearish with the weekly open.
Weekly resistance for the price of MATIC – $1.
Weekly support for the price of MATIC – $0.7.
Price Analysis Of MATIC On The Daily (1D) Chart
The price of MATIC remains considerably weak in the daily timeframe as the price trades below the $1 resistance after bouncing off from the region of $0.8 on several instances.
Rumor building of a likely bankruptcy of Genesis could affect the price of MATIC and other smaller assets, with the price facing a possibility of losing the region of $0.7.
If the price of MATIC breaks below $0.7, we could see more sell-off as this has been an area of interest to hold off bears.
Daily resistance for the MATIC price – $0.9-$1.
Daily support for the MATIC price – $0.7-$0.6.
Featured Image From zipmex, Charts From TradingviewText source: NewsBTC
