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Polygon (MATIC) Looking Good Despite Market Turmoil Above $0.75; Here’s why?

  • MATIC price loses its $1 support if the price trades into a $0.8 region.
  • MATIC’s price continues to look bearish given the current state of the market as things appear uncertain for most traders and investors.
  • MATIC price remains weak across all timeframes as the price trades slightly below the 50 and 200 Exponential Moving Averages (EMA).

For the past two days, the crypto market has been unpredictable as the price of many altcoins including Polygon (MATIC) struggled to survive. For the past few weeks, Polygon (MATIC) price has outperformed Bitcoin (BTC). Most altcoins are trending higher as many posted gains of over 200% including Polygon (MATIC) which rallied from a $1.3 region with many hoping MATIC’s price to see a good price move into a $1.3 region would trigger $1.5. However, those expectations were dashed by the uncertainty surrounding the crypto market. (Binance data)

Polygon (MATIC) price analysis on the weekly chart

Over the past week, many altcoins have posted over 200% gains in the past 7 days after breaking out of their range-bound moves as many believe more hope is returning to the crypto space.

The new week is yet to look like the previous one as the week looked stifled with FUD (fear of uncertainty and doubt) resulting in many altcoins being negatively impacted in price as major coins struggled to break away from what was like a crypto looks clean to stay afloat.

Still, MATIC price continued to look strong after falling below its weekly high of $1 which acted as support after the price flipped and initially acted as a supply zone. The support formed at $0.75 has proved key to keep the price from selling off. MATIC’s price falling below the $0.75 support is not good for the market as it would weaken this region for bears to push the price lower.

Weekly resistance for MATIC price – $1.

Weekly support for the price of MATIC – $0.75.

Price analysis of MATIC on the daily chart (1D).

Daily MATIC price chart | Source: MATICUSDT on Tradingview.com

MATIC price remains considerably strong on the daily timeframe as the price is trading above the $0.75 support, preventing the price from trending down after retesting this region earlier times and bouncing, to start a rally into a $1 region.

MATIC’s price closed above $0.8 daily, suggesting that there are more chances of MATIC trending up into a $1 region if the market continues to rally in the coming days.

If the price of MATIC stays above the $0.75 support on the daily timeframe, we could see the price recovering in no time, but if the price closes below this region, it would be difficult to recover to the upside.

Daily resistance for MATIC price – $1.

Daily support for MATIC price – $0.75-$0.66.

Featured image by zipmex, charts by Tradingview

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