On February 18th, #Polygon experienced a sharp correction from $1.57, ultimately reaching the 200-day SMA ($0.94) on March 10th. However, the bullish candle on the day's candlestick indicates that the bulls are fiercely defending this level.
The bulls will attempt to push the price up to the 21-day EMA ($1.13), where the bears are likely to put up a strong fight. If the price falls below this level, it indicates that sentiment still is negative and traders are selling on rallies.
On March 10th, the price of Polygon coin experienced a significant rebound, thanks to the combined support of $0.943 and 0.786 Fibonacci retracement level. This bullish reversal has resulted in an impressive 18% surge in the coin's price over the last four days, with the current trading price standing at $1.11.
The Polygon coin price experienced a significant decline following a V-top reversal from its peak of $1.53. This reversal indicated a clear downward trend, which has persisted over the past three weeks, resulting in a staggering 40% drop in the coin's value. As a result, the coin has now plummeted to the 0.786 Fibonacci retracement level.
The MATIC/USD pair has made significant progress in recent trading sessions. It has broken through key resistance levels of $1.050 and $1.10, indicating a clear upward trend. Finally, the pair has reached a high of $1.184 after surpassing the $1.17 resistance level. The current trading price of Polygon has surpassed $1.09 and is currently above the 50-hourly simple moving average
Accordign to #priceanalysis , MATIC is facing a major hurdle at the $1.13 level. However, the first significant resistance is beginning to emerge near the $1.18 zone. If the price manages to break above this resistance level, it could potentially trigger another strong increase. In such a scenario, the price may steadily climb towards the $1.26 level or even reach $1.30.
In the event that the price of MATIC fails to surpass the resistance levels at $1.18, it may continue to decline. At present, there is an immediate support level at $1.10, with the main support level at $1.08. If the price falls below the $1.07 level, it could trigger a new decline towards $1.00. It is worth noting that the next significant support level is at $0.945.
KEY LEVELS :
RESISTANCE LEVEL : $1.15-$1.20
SUPPORT LEVEL : $1.07-$1.04
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.
