- Polygon price has declined by 10% and got accompanied by higher volumes.
- Price testing the R3 – pivot level at $0.38, this is followed by R2 and R1 at $0.3 and $0.25
Polygon (Matic) price after the decline of March 14 showed a considerable profit booking the price has surged significantly above the supporting trendline. The volume increased above the 20-period average volume justifying a higher selling pressure, while the price range also showed a marginal excess of sellers over buyers.
However, Polygon recently announced a significant development: working with the gitcoin community and funding new projects with $50K every month; this may change the market sentiment towards the coin. The market cap and 24-hour volumes are $$1,920,275,987 and $603,870,976 respectively.
Polygon At 50% Retracement, Likely To Breach and Test 23.6% Retracement
Left Image: On the daily time frame, Polygon has tested the support at 50% retracement at $0.378. Sustenance is likely to help the coin consolidate and rise further, which is a possibility given the latest development of the coin. However, a breach of 50% levels will make it tumble to 38.2% and 23.6% retracement art $0.378 and $0.3 respectively.
Right Image: The price has made a gap between the lows and 10-EMA which needs to be filled. As a result, the rice is likely to test the 10-EMA($0.30). The price is also likely to receive support at $0.27 (20-EMA) and 50-EMA ($0.1826).
The Bollinger Band has given the initial contraction signal as the upper band has contracted a bit in today’s session while the lower band continues to contract. The band has limited the coin between $0.13 and $0.48 while possibly receiving support at the median 10-EMA at $0.30.
RSI has departed the overbought territory of 80 levels and above and is currently declining towards the immediate support at 60. Currently, the RSI is 74.
MACD (8,21,5) has made a new top, but the narrowing gap between the signal line and slow line suggests that the price is likely to consolidate or take a hiatus for resuming the upward trend. One needs to be careful of possible reversals also, but the market sentiments seem to be positive towards the coin.
Polygon price seems to take a hiatus after signaling weakness through a 10% decline with considerable volumes, narrowing Bollinger bands, declining RSI, and converging MACD. However, the coin’s market sentiment seems to be positive, post the announcement of gitcoin grant..
Support Retracement levels – $0.378 (50%), $0.3388 (38.2%) and $0.29 (23.6%)
Resistance Retracement levels – $0.417/(61.2%), $0.473 (78.6%) and $0.5454(100%)
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