The MATIC prices break below the long-coming retest trendline and retest it over the weekend, teasing a post-retest reversal rally. Key Technical Points: The Polygon market price action shows a bullish reversal from the $0.75 support zone to retest the broken resistance trendline. The downtrend continuation below the $0.75 support zone can reach the $0.57 mark. With a market cap of $6.50 billion, the intraday trading volume of Polygon has decreased by 20% to reach $365 million. Past Performance of MATIC The Polygon (MATIC) price action shows an increase in selling pressure at the resistance confluence of the $1.0 horizontal level and 200-day EMA. Consequently, this results in a bearish reversal, accounting for a 25% drop breaking below the support trendline to reach the $0.75 support zone. However, the bullish recovery over the weekend retests the broken trendline with a price jump of 7%. Source – Tradingview MATIC Technical Analysis The MATIC price action displays a 1.59% drop in the daily candle after facing opposition from the 50-day EMA. Hence, the possibility of a downtrend as a post-retest reversal increases. With the recent crash in the polygon token price, the chance of a bullish crossover between the 50 and 100-day EMA nullifies. The RSI indicator reflects a phenomenal increase in the underlying bearishness as the RSI slope sustains in the nearly oversold zone. Moreover, the MACD indicator supports the bearish sentime...
Will Ethereum Price crash More Next week??
