- Polygon price expected to fall to below $1.40
- The closest support level is at $1.38
- Polygon price faces resistance at $1.50
After finally climbing past the $1.90 mark, Polygon price failed to continue its bullish rally and the price has dropped to just below $1.50.While the price at press time holds just below $1.50, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. The major players that recorded a loss include Dogecoin, and BNB that record a 16.87 and a 16.20 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 5.77 and an 11.61percent decrease.
Technical indicators for MATIC/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly since yesterday as the price is struggling to climb back above the -0.040 mark. Across the EMAs, the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.
The RSI is currently trading in the neutral zone a little above the 40.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 2 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level and a clear indication to sell.
The Bollinger bands at press time are wide however as the last few candlesticks are red the bands will converge in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Polygon price to increase in the short term. Moreover, as the price is consolidating below the band’s mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issues a buy signal suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 10 of the 26 indicators suggesting a bearish movement against only eight indicators suggest a bullish momentum. Meanwhile, eight indicators remain neutral and do not issue any signals at the time of writing .
What to expect from Polygon price?
Traders can expect Polygon price to decrease as both the short term and midterm indicators suggest a bearish trend. Traders can also expect low volatility for Polygon price as the price may continue to fall towards its support level or even further below. However traders should expect a bullish rally in the coming days after the bearish trend ends.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.