The trading price of Polygon (MATIC) recorded a surge where its price managed to rise all the way up to $0.78 (20-day EMA).
The price chart shows that the price of MATIC had risen over the 20-day EMA on September 27. However, the rally did not last for long and the bears launched their selling attack on Polygon on the same day.
MATIC Bulls Failed to Sustain the Resistance
On That particular day, MATIC’s trading price rose over the resistance level of $0.78. Just as the price jumped over the particular mark, the sellers showed their true power.
They were not willing to let the bulls run the trend and launched their selling attack to pull MATIC’s price lower.
The price of MATIC getting pulled made it clear that despite the recent rally, it was the bears who were in charge of the market trend. The negative sentiments currently reign over the market and therefore, the bulls would find it very difficult to deal with the situation.
It is now a trend that every rally that the bulls are forming is being intercepted by the bears with stronger selling pressure. Thus, they continue selling the rallies causing dips in the price of MATIC.
The Bears Could Pull MATIC to $0.62
The technical indicators suggest that the overall situation surrounding MATIC is bearish. This means that the negative trend would continue strengthening providing more support to the bears.
If the bears take advantage of the trend and the technical indicators, they could pull MATIC’s price below the $0.69 support level.
In the case where MATIC falls below the $0.69 level, a larger selling spree would be triggered. The rally would pull the trading price of MATIC down to $0.62.
The bulls would have to defend the particular level with all they have and if they are not able to do it, things may go south.
As the price of MATIC has continued moving in the negative territory, its RSI and the moving averages have followed the trend as well. If the situation does not change, then MATIC’s price may experience another major dip.
Bulls May Attempt to Push MATIC to $0.84
On the other hand, if the bulls are able to muster up a rally to cause a rebound, then MATIC’s price may rise over the $0.78 barrier.
The particular level would be a great test for the bulls and a major obstacle. If the bulls are able to cross the level, then the price of MATIC may continue to rise higher.
Although MATIC’s ump in the bullish zone would not be much its value may surge to $0.84 (50-day SMA).