{"id":32948,"date":"2023-11-22T05:52:49","date_gmt":"2023-11-22T09:52:49","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32948"},"modified":"2023-11-22T05:52:49","modified_gmt":"2023-11-22T09:52:49","slug":"matic-price-prediction-polygon-turned-sell-on-rallies-in-short-term","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/22\/matic-price-prediction-polygon-turned-sell-on-rallies-in-short-term\/","title":{"rendered":"MATIC Price Prediction: Polygon Turned Sell On Rallies In Short-Term"},"content":{"rendered":"

MATIC price is down over 10% after the SEC\u2019s lawsuit against Kraken mentioned MATIC as security. Polygon is under pressure and might struggle to recover.<\/em><\/p>\n

MATIC price started a fresh decline from the $0.98 resistance against the US dollar.
\nThe price is trading below $0.80 and the 100 simple moving average (4 hours).
\nThere is a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC\/USD pair (data source from Kraken).
\nThe pair could continue to decline if it stays below the $0.800 resistance zone.<\/p>\n

Polygon Price Takes Hit<\/h2>\n

After a decent increase, Polygon\u2019s price struggled to clear the $1.00 resistance. MATIC formed a high near $0.9829 and recently started a steady decline, underperforming Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

There was a drop below the $0.920 and $0.850 support levels. The bears even pushed the price below the $0.820 support and the 100 simple moving average (4 hours). Finally, it tested the $0.728 support. A low has formed near $0728 and the price is now consolidating losses.<\/p>\n

MATIC is trading below $0.80 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC\/USD pair.<\/p>\n

Immediate resistance is near the $0.785 level or the trend line. It is near the 23.6% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. The first major resistance is near the $0.800 level. If there is an upside break above the $0.800 resistance level, the price could continue to rise.<\/p>\n

<\/a><\/p>\n

Source: MATICUSD on TradingView.com<\/a><\/p>\n

The next major resistance is near $0.855 or the 50% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. A clear move above the $0.855 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.920 level or $0.950.<\/p>\n

More Losses in MATIC?<\/h2>\n

If MATIC\u2019s price fails to rise above the $0.800 resistance level, it could continue to move down. Immediate support on the downside is near the $0.7285 level.<\/p>\n

The main support is near the $0.700 level. A downside break below the $0.700 level could open the doors for a fresh decline toward $0.650. The next major support is near the $0.618 level.<\/p>\n

Technical Indicators<\/p>\n

4 hours MACD \u2013 The MACD for MATIC\/USD is gaining momentum in the bearish zone.<\/p>\n

4 hours RSI (Relative Strength Index) \u2013 The RSI for MATIC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.728 and $0.700.<\/p>\n

Major Resistance Levels \u2013 $0.785, $0.800, and $0.855.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

MATIC price is down over 10% after the SEC\u2019s lawsuit against Kraken mentioned MATIC as security. Polygon is under pressure and might struggle to recover.<\/em><\/p>\n

MATIC price started a fresh decline from the $0.98 resistance against the US dollar.
\nThe price is trading below $0.80 and the 100 simple moving average (4 hours).
\nThere is a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC\/USD pair (data source from Kraken).
\nThe pair could continue to decline if it stays below the $0.800 resistance zone.<\/p>\n

Polygon Price Takes Hit<\/h2>\n

After a decent increase, Polygon\u2019s price struggled to clear the $1.00 resistance. MATIC formed a high near $0.9829 and recently started a steady decline, underperforming Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

There was a drop below the $0.920 and $0.850 support levels. The bears even pushed the price below the $0.820 support and the 100 simple moving average (4 hours). Finally, it tested the $0.728 support. A low has formed near $0728 and the price is now consolidating losses.<\/p>\n

MATIC is trading below $0.80 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC\/USD pair.<\/p>\n

Immediate resistance is near the $0.785 level or the trend line. It is near the 23.6% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. The first major resistance is near the $0.800 level. If there is an upside break above the $0.800 resistance level, the price could continue to rise.<\/p>\n

<\/a><\/p>\n

Source: MATICUSD on TradingView.com<\/a><\/p>\n

The next major resistance is near $0.855 or the 50% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. A clear move above the $0.855 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.920 level or $0.950.<\/p>\n

More Losses in MATIC?<\/h2>\n

If MATIC\u2019s price fails to rise above the $0.800 resistance level, it could continue to move down. Immediate support on the downside is near the $0.7285 level.<\/p>\n

The main support is near the $0.700 level. A downside break below the $0.700 level could open the doors for a fresh decline toward $0.650. The next major support is near the $0.618 level.<\/p>\n

Technical Indicators<\/p>\n

4 hours MACD \u2013 The MACD for MATIC\/USD is gaining momentum in the bearish zone.<\/p>\n

4 hours RSI (Relative Strength Index) \u2013 The RSI for MATIC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.728 and $0.700.<\/p>\n

Major Resistance Levels \u2013 $0.785, $0.800, and $0.855.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32948","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32948"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32948\/revisions"}],"predecessor-version":[{"id":32960,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32948\/revisions\/32960"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32948"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}