The rally has ended for Polygon with the completion of its Elliot impulse wave.
Key Support levels: $1.3, $1
Key Resistance levels: $1.5
After a sustained rally, MATIC seems to have found a local top at the $1.5 key resistance. The price briefly moved above this level before sellers took over the price action and pushed it below. This has shifted the momentum, and bears are keen to take the price to the key support at $1.3 or even $1.Chart by TradingView
Trading Volume: The selling volume is increasing, and this is also reflected in the price.
RSI: The daily RSI is falling toward 50 points after a short stay in the overbought area.
MACD: The daily MACD did a bearish cross today, and its histogram is making lower highs.Chart by TradingView
The bias for MATIC is bearish.
The rejection at $1.5 has stopped current hopes for this cryptocurrency to go higher at this time. A correction seems like the more probable scenario at this time and it’s interesting to see how the market will play out.
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Cryptocurrency charts by TradingView.