• Polygon (MATIC) price has found a local top at the $1.5 key resistance and sellers are taking over.
• Trading volume is increasing and the daily RSI, MACD are all in bearish territory.
• The bias for MATIC is bearish and a correction seems more probable at this time.
MATIC Bulls Beaten at $1.5
The rally on Polygon (MATIC) has come to an end with the completion of its Elliot impulse wave, pushing it back below the key resistance of $1.5 after briefly moving above it. This shift in momentum has allowed bears to take control of the price action, aiming to push it towards key support levels of $1.3 or even $1.
Trading Volume & Indicators
The selling volume for MATIC tokens is increasing which is also reflected in its current price action; as seen from daily RSI, MACD which have all shifted into bearish territories from their previous overbought positions.
Bearish Bias For MATIC
Due to the rejection at the $1.5 price level, hopes for this cryptocurrency going higher have been put on hold; with a correction seeming like a more probable scenario at this time and how the market will play out yet to be seen.
Binance offers users exclusive access to $100 free plus 10% off fees on Binance Futures first month whilst PrimeXBT allows up to $7000 on deposits when using POTATO50 code upon registration .
Information provided by CryptoNewsZ does not constitute as financial advice and should not be taken as such. All information provided here is purely for informational purposes only and should not be seen as any kind of investment advice or recommendation about any particular course of action